Sacramento, CA - Dec. 21, 2020 - Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of specialty alcohols and essential ingredients, announced an amendment to the terms of its credit agreements with CoBank, ACB (CoBank).

The Company, with its borrower subsidiaries, Pacific Ethanol Pekin, LLC and Illinois Corn Processing, LLC paid $24.9 million in connection with the amendments, repaying all term debt and reducing the borrowers’ revolving lines of credit to $30 million in total.

At the same time, CoBank and the borrowers agreed to reduce certain reporting requirements and eliminate the requirement of the Chief Restructuring Officer position.

With the pay down of the CoBank loans, and previous principal payments on the Company’s senior notes, the Company expects to be net term debt free, meaning its consolidated cash exceeds its remaining term debt, at the end of 2020.

Bryon McGregor, Pacific Ethanol’s CFO, said, “We have resolved all outstanding issues with CoBank through these amendments, further strengthening our balance sheet as we enter the new year.

"In addition, our operating expenses will decrease as professional fees associated with our lenders are eliminated and we expect to be net term debt free by the end of 2020.

"We are well positioned to continue to capitalize on opportunities in the specialty alcohols and essential ingredients markets.”

Further details on the amendments can be found in the company’s Form 8-K to be filed with the Securities and Exchange Commission by December 24, 2020.

For more information, please contact Paul Koehler at 916-403-2790 or