Renewable Energy Group (REG) announced it has expanded its line of credit agreement with Wells Fargo Capital Finance from $40 million to $60 million. In addition to the line increase, the modification also increases REG’s ability to issue letters of credit from $10 million to $25 million.
“As our business continues to grow, so does our need for additional working capital,” said Chad Stone, chief financial officer. “We built this option into the original agreement in anticipation of future needs. We appreciate the excellent working relationship we have with Wells Fargo and their increased support of our business.”
Ames, IA-based Renewable Energy Group is a North American advanced biofuels producer and developer of renewable chemicals.