Clean Energy Fuels terminates undrawn $200 million credit agreement

By Tali Rackner

Norfolk, Va., Jan. 5 – Clean Energy Fuels Corp. terminated its up to $200 million credit agreement dated Nov. 7, 2012 with agent GE Capital EFS Financing Inc., according to an 8-K filing with the Securities and Exchange Commission.

Loans were available to finance the development, construction and operation of two liquefied natural gas production facilities.

The company had not drawn any loans under the agreement as of its Dec. 31 termination and it did not incur any early termination penalties in connection with the termination.

Clean Energy Fuels said it expects that terminating the agreement will result in it saving roughly $1 million in commitment fees during 2016 that would have otherwise been owed pursuant to the terms of the agreement.

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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