Pacific Ethanol (NASDAQ:PEIX) shares are getting a boost today, with higher than usual trading volume, following the company's announcement today that it has retired some debt.
The marketer and producer of low-carbon renewable fuels in the Western U.S. said it has retired in full its $35 million senior convertible notes.
The company said it made its final payment in shares of its common stock, and as of yesterday had about 77.5 million common shares outstanding.
In addition to serving integrated oil companies and gasoline marketers who blend ethanol into gasoline, Pacific Ethanol provides transportation, storage and delivery of ethanol in the Western U.S., and also sells ethanol co-products, including wet distillers grain, a nutritional animal feed. Rivals include Archer Daniels Midland (NYSE:ADM) and BioFuel Energy (NASDAQ:BIOF).
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