Pacific Ethanol reduces net consolidation plant term debt to $20.5M Pacific Ethanol announced it has acquired additional term debt of the Pacific Ethanol Plants. Pacific Ethanol entered into agreements with certain lenders of the Pacific Ethanol Plants to acquire an aggregate of $14.7M Tranche A-1 Term Loans made to the Pacific Ethanol Plants for a cash payment of $17M The $2.3M premium paid over the principal amount of the loans represents approximately a $1.3M, or 36% discount to the prepayment premiums otherwise payable by the Pacific Ethanol Plants had they elected to prepay the loans prior to maturity. The acquired loans will be eliminated in consolidation, with the premium over the principal amount recorded as a one-time debt extinguishment charge. The company's net consolidated Plant term debt after eliminations will total $20.5M.
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