Renewable Energy Group (REG) extended and increased its line of credit with Wells Fargo Capital Finance, Fifth Third Bank and Bank of America to a maximum of $250 million. The amendment also included a five-year extension through September 2026 of Renewable Energy Group’s existing line of credit that was previously in the maximum amount of $150 million and would have matured at the end of September 2021.
Along with the increase in the borrowing capacity to a maximum of $250 million, Renewable Energy Group also has the right to request additional revolving loan commitments, if consented to by the lenders and subject to customary conditions, in order to further expand the line of credit to a maximum of $350 million.
“We believe this increased line of credit reflects the strength of our business model, performance track record, and growth potential that is underpinned by a strong balance sheet,” Craig Bealmear, CFO of Renewable Energy Group, said. “We are grateful for the relationship and commitment Wells Fargo and Fifth Third have shown over the past five years and are excited to welcome Bank of America into the line of credit banking group.”
“This increased line of credit signals confidence in the future of renewable fuels and the very real societal demand for cleaner, lower carbon fuels,” Cynthia Warner, president and CEO of Renewable Energy Group, said. “We remain focused on executing our business strategy and delivering real carbon reduction solutions that are making a positive environmental impact today.”