Clean Energy Fuels Corp. Retires 2016 Debt with Stock and Cash
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160715005152/en/
Copyright Business Wire 2016
