Kinergy Marketing, a wholly-owned subsidiary of Pacific Ethanol, and Pacific Ag. Products, a wholly-owned subsidiary of Kinergy, amended its loan and security agreement with Wells Fargo Bank as agent.

Under the amended loan agreement, Kinergy’s revolving credit facility increased to $100 million from $85 million based on the borrowers’ eligible accounts receivable and inventory levels from time to time. The borrowers may also obtain letters of credit under the credit facility, subject to a letter of credit sublimit of $20 million.

The borrowers may borrow under the credit facility based upon a rate equal to (a) the daily three-month LIBOR, plus (b) an applicable margin of 1.50% to 2.00% depending on the quarterly average amounts available for additional borrowings under the credit facility for the prior quarter.

The borrowers’ obligations under the agreement are secured by a first-priority security interest in all assets in favor of the lenders and agent.

The credit facility matures on August 2, 2022.