Ames, Iowa-based Renewable Energy Group, Inc is offering $132 million in senior notes in a sale that will end Thursday.
The sale consists of 4.00% convertible senior notes due 2036 in a private placement to the qualified institutional buyers. The company has also granted the initial purchases an option to purchase up to another $20 million aggregate principal amount of Notes on the same terms and conditions.
Estimated net proceeds will be $127,.5 million .Renewable Energy intends to use $62 million to repurchase nearly $63.9 million principal amount of the company’s outstanding 2.75% convertible senior notes due 2019. In a separate transaction, the company plans to use $35 million to repurchase approximately 4.1 million shares of its common stock.