Clean Energy amends credit facility termination date, funding terms

By Marisa Wong

Madison, Wis., Jan. 5 – Clean Energy Fuels Corp. entered into an amendment to its credit agreement dated Nov. 7, 2012 with General Electric Capital Corp. on Dec. 29, according to an 8-K filing with the Securities and Exchange Commission.

Under the original credit agreement, GE Capital agreed to loan up to a total of $200 million to finance the development, construction and operation of two liquefied natural gas production facilities, each with an expected production capacity of about 250,000 LNG gallons per day.

The amendment provides, among other things, that the credit agreement will terminate if the initial loans for the LNG projects are not made prior to Dec. 31, 2016, rather than Dec. 31, 2014 as originally stated.

In addition, each project must be completed by the earlier of 30 months after the funding of the initial loans for that loan and Dec. 31, 2018, rather than Dec. 31, 2016 as originally set.

Also, prior to the funding of the loans, the company will be required to enter into agreements with GE Oil & Gas, Inc. relating to the purchase of equipment for the LNG projects.

All other terms of the credit agreement remain unchanged, the filing noted.

Based in Newport Beach, Calif., Clean Energy is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada.

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