Clean Energy Fuels Corp. has announced that it has issued 14 million shares of common stock and paid an aggregate of US$37.9 million in cash, plus US$0.2 million for accrued and unpaid interest, in exchange for all of its outstanding 7.5% Convertible Notes due in August 2016, which totalled US$85.2 million in principal and accrued and unpaid interest.
As such, no amounts remain due and owing under the 2016 Notes and all 2016 Notes have been terminated and cancelled in full.
Clean Energy confirmed that it has approximately US$182 million in cash and short-term investments as of 30 June 2016. The company owns over 550 public and private fuelling stations, including 212 CNG and LNG public stations, which make up its America’s Natural Gas Highway for heavy duty trucks. Clean Energy expects to complete over 60 additional station projects before the end of the year.
Andrew J. Littlefair, President and CEO of Clean Energy, said: “We have achieved several significant milestones in the last six months, including retiring all the 2016 Notes, repurchasing over US$65 million of the 5.25% Convertible Notes due 2018, cutting capital expenditures and reporting improved financial results […] We completed the build-out of the initial phase of our America’s Natural Gas Highway and will continue to focus on leveraging our existing infrastructure with new customers and expanding with our existing customers. I’m proud that the Clean Energy team has been able to accomplish so much despite the competitive environment of low oil prices the last few years. I remain optimistic about the future as more and more fleets are realising the environmental and cost benefits of natural gas fuel.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/15072016/clean-energy-fuels-retires-2016-debt-2758/