AMES, Iowa--(BUSINESS WIRE)--REG Energy Services, LLC, a wholly-owned subsidiary of Renewable Energy Group, Inc. (NASDAQ:REGI) has secured a $30 million line of credit from Iowa-based Bankers Trust, the company announced today.
The line is a one-year credit facility, with an accordion option to expand to $40 million, subject to customary conditions.
“This credit line gives REG Energy Services additional capital to expand our blended fuel offerings and add to our already expansive distribution network,” said Chad Stone, REG Chief Financial Officer. “It also frees up capital allocated to the business from other sources. We are very grateful to Bankers Trust Company for seeing the strength of this part of our business and committing these funds to allow us to further grow.”
“Bankers Trust is focused on helping customers reach their goals,” said Don Coffin, President. “We are dedicated to providing excellent service and supporting economic development, so we are thrilled to help REG Energy Services as it looks to expand.”
REG Energy Services offers ultra-low sulfur diesel (ULSD) and biodiesel blends from B2 to B20 (2% to 20% biodiesel) at more than 20 terminal locations throughout the Midwest and Northeastern US. It also offers heating oil and heating oil blends up to B5 (5% biodiesel) at the northeastern locations.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American advanced biofuels producer and developer of renewable chemicals. REG utilizes a nationwide production, distribution and logistics system as part of an integrated value chain model to focus on converting natural fats, oils and greases into advanced biofuels and converting diverse feedstocks into renewable chemicals. With 12 active biorefineries across the country, research and development capabilities and a diverse and growing intellectual property portfolio, REG is committed to being a long-term leader in bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of advanced biofuels which meet or exceed ASTM quality specifications. REG sells REG-9000 biomass-based diesel to distributors so consumers can have cleaner burning fuels that help diversify the energy complex and increase energy security. REG-9000 biomass-based diesel is distributed in most states in the US. REG also markets ultra-low sulfur diesel and heating oil in the northeastern and midwestern US. For more information on REG visit our website at www.regi.com.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding our energy services segment and our future growth. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risks and uncertainties described from time to time in REG's annual report on Form 10-K, quarterly reports on Forms 10-Q and other periodic filings with the Securities and Exchange Commission.