Clean Energy Fuels Corp. Retires 2016 Debt with Stock and Cash
July 15 2016 - 6:00AM
Business Wire
Clean Energy Fuels Corp., (NASDAQ: CLNE) announced today that it
issued 14.0 million shares of common stock and paid an aggregate of
$37.9 million in cash, plus $0.2 million for accrued and unpaid
interest, in exchange for all of its outstanding 7.5% Convertible
Notes due in August 2016 (the “2016 Notes”), which totaled $85.2
million in principal and accrued and unpaid interest. No amounts
remain due and owing under the 2016 Notes and all 2016 Notes have
been terminated and cancelled in full.
Clean Energy had approximately $182.0 million in cash and
short-term investments as of June 30, 2016.
“We have achieved several significant milestones in the last six
months, including retiring all the 2016 Notes, repurchasing over
$65 million of the 5.25% Convertible Notes due 2018, cutting
capital expenditures and reporting improved financial results,”
said Andrew J. Littlefair, president and CEO of Clean Energy. “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 realizing the environmental and
cost benefits of natural gas fuel.”
Clean Energy has North America’s most robust network of natural
gas fueling with over 550 public and private stations including 212
compressed natural gas (CNG) and liquefied natural gas (LNG) public
stations that make up its America’s Natural Gas Highway for heavy
duty trucks. The company anticipates completing over 60 additional
station projects before the end of the year.
About Clean Energy
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the leading provider
of natural gas fuel for transportation in North America. We build
and operate CNG and LNG fueling stations; manufacture CNG and LNG
equipment and technologies for ourselves and other companies;
develop renewable natural gas (RNG) production facilities; and
deliver more CNG and LNG fuel than any other company in the U.S.
Clean Energy also sells Redeem™ RNG fuel and believes it is the
cleanest transportation fuel commercially available, reducing
greenhouse gas emissions by up to 90%. For more information,
visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that
involve risks, uncertainties and assumptions, such as statements
regarding, among other things: adoption of natural gas as a vehicle
fuel in multiple transportation markets; continued interest and
investment in natural gas as a vehicle fuel; the benefits of
natural gas relative to gasoline, diesel and other vehicle fuels,
including economic and environmental benefits; and the Company’s
ability to successfully enter new markets and more deeply penetrate
its current key markets, build, sell and open new natural gas
fueling stations and add incremental volume to its gallons
delivered, and future growth and sales opportunities in all of the
Company’s key customer markets, which include trucking, refuse,
airports, public transit, industrial and institutional energy users
and government fleets. Actual results and the timing of events
could differ materially from those anticipated in these
forward-looking statements as a result of several factors
including, among others: future supply, demand, use and prices of
crude oil and natural gas and fossil and alternative fuels,
including gasoline, diesel, natural gas, renewable natural gas,
biodiesel, ethanol, electricity and hydrogen, as well as vehicles
powered by these various fuels; the Company’s ability to recognize
the anticipated benefits of building CNG and LNG stations; future
availability of capital, including equity or debt financing, as
needed to fund the growth of the Company’s business and its debt
repayment obligations (whether at or prior to maturity); the
availability of tax credits and other government incentives for
natural gas fueling and vehicles; changes to federal, state or
local fuel emission standards or other environmental regulation
applicable to natural gas production, transportation or use; the
Company’s ability to compete successfully; the
Company’s ability to manage risks and uncertainties related to
its international operations; construction, permitting and other
factors that could cause delays or other problems at station
construction projects; compliance with governmental regulations;
and the Company’s ability to effectively manage and grow its RNG
business. The forward-looking statements made herein speak only as
of the date of this press release and the Company undertakes no
obligation to update publicly such forward-looking statements to
reflect subsequent events or circumstances, except as otherwise
required by law. Additionally, the Company’s Annual Report on Form
10-K filed on March 3, 2016 and its Quarterly Report on
Form 10-Q filed on May 5, 2016 with the Securities and
Exchange Commission (www.sec.gov), contain more information on
potential factors that may cause actual results to differ
materially from the forward-looking statements contained in this
press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160715005152/en/
Clean Energy Fuels Corp.Media:Jason A. Johnston,
949-437-1411jason.johnston@cleanenergyfuels.comorInvestors:Tony
Kritzer, 949-437-1403tkritzer@cleanenergyfuels.com
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