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BRIEF-Pacific Ethanol to acquire Illinois Corn Processing
June 27, 2017 / 11:41 AM / 4 months ago

BRIEF-Pacific Ethanol to acquire Illinois Corn Processing

June 27 (Reuters) - Pacific Ethanol Inc:

* Pacific Ethanol to acquire Illinois Corn Processing

* Pacific Ethanol Inc - deal for $76 million

* Pacific Ethanol Inc - deal includes $15 million in working capital

* Pacific Ethanol Inc - deal consolidates additional production in Pekin, Illinois with a combined 250 million gallons of production

* Says transaction immediately accretive to earnings

* Pacific Ethanol Inc - expect acquisition will yield approximately $3 million in annual cost savings over first six to twelve months after closing

* Pacific Ethanol - of $76 million purchase price, $30 million will be paid in cash and $46 million will be paid through non-amortizing secured promissory notes

* Says ‍currently engaged in negotiations with cobank to secure a long-term financing vehicle​

* Pacific ethanol inc - intends to refinance seller notes in near future

* Pacific Ethanol -entered into agreement to issue additional senior secured notes and amend existing notes to increase amount by about $14 million

* Pacific Ethanol Inc - have a commitment from Wells Fargo bank to expand borrowing capacity on Kinergy line of credit facility from $85 million to $100 million

* Pacific Ethanol says ‍have commitment from Wells Fargo Bank to expand borrowing capacity on Kinergy line of credit facility from $85 million to $100 million​

* Pacific Ethanol - co to acquire Illinois Corn Processing, llc from Illinois Processing ., a unit of Seacor Holdings Inc., and MGPI Processing Source text for Eikon: Further company coverage:

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