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Wells Fargo Capital Finance, Others Upsize Renewable Energy Group’s LOC to $250MM

October 05, 2021, 07:39 AM
Filed Under: Energy

Renewable Energy Group 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. This is a five-year extension through September 2026 of the company’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 announced today, the company 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,” said REG Chief Financial Officer Craig Bealmear. “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,” said REG President & CEO Cynthia ‘CJ’ Warner. “We remain focused on executing our business strategy and delivering real carbon reduction solutions that are making a positive environmental impact today.”

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