Renewable Energy Group units increase line of credit to $60 million

By Lisa Kerner

Charlotte, N.C., July 22 – Renewable Energy Group, Inc. wholly owned subsidiaries REG Services Group, LLC and REG Marketing & Logistics Group, LLC exercised the accordion feature of their credit agreement, modifying the 2011 agreement on July 16.

The modifications expanded the credit line to $60 million from $40 million and increased the letter of credit subfacility to $25 million from $10 million.

Also, the interest rate was adjusted to Libor plus a margin that ranges from 175 basis points to 250 bps depending on excess availability, and the unused line fee was reduced to 37.5 bps from 50 bps, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Capital Finance, LLC is the administrative agent.

Ames, Iowa-based Renewable Energy is a biodiesel producer.

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