Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.8.0.1
DEBT
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Debt
  5. DEBT.

  

Long-term borrowings are summarized as follows (in thousands):

  

    March 31, 2018     December 31, 2017  
Kinergy line of credit   $ 58,199     $ 49,477  
Pekin term loan     50,000       53,500  
Pekin revolving loan     32,000       32,000  
ICP term loan     21,000       22,500  
ICP revolving loan     18,000       18,000  
Parent notes payable     68,948       68,948  
      248,147       244,425  
Less unamortized debt discount     (1,231 )     (1,409 )
Less unamortized debt financing costs     (1,791 )     (1,925 )
Less short-term portion     (16,500 )     (20,000 )
Long-term debt   $ 228,625     $ 221,091  

   

Kinergy Operating Line of Credit – As of March 31, 2018, Kinergy had additional borrowing availability under its credit facility of $19,680,000. 

  

Pekin Term Loan – On March 30, 2018, Pacific Ethanol Pekin, LLC (“PE Pekin”), one of the Company’s subsidiaries, amended its term loan facility by reducing the amount of working capital it is required to maintain to not less than $13.0 million from March 31, 2018 through November 30, 2018 and not less than $16.0 million from December 1, 2018 and continuing at all times thereafter. In addition, a principal payment in the amount of $3.5 million due for May 2018 was deferred until the maturity date of the term loan. As of the filing of this report, the Company believes PE Pekin is in compliance with its working capital requirement.

  

Pacific Aurora Line of Credit – On March 30, 2018, Pacific Aurora, LLC, a majority owned subsidiary of the Company, terminated its revolving credit facility, which was unused during the three months ended March 31, 2018. As a result, the Company fully amortized its deferred financing fees of $0.3 million during the three months ended March 31, 2018. 

  

At March 31, 2018, there were approximately $204.3 million of net assets at the Company’s subsidiaries that were not available to be transferred to Pacific Ethanol, Inc. in the form of dividends, loans or advances due to restrictions contained in the credit facilities of the Company’s subsidiaries.