REG Energy Services, LLC, a wholly-owned subsidiary of Renewable Energy Group, Inc. has secured a US$30 million line of credit from Iowa-based Bankers Trust.
The line is a one-year credit facility, with an accordion option to expand to $40 million, subject to customary conditions.
Chad Stone, REG Chief Financial Officer, stated:
“This credit line gives REG Energy Services additional capital to expand our blended fuel offerings and add to our already expansive distribution network. It also frees up capital allocated to the business from other sources. We are very grateful to Bankers Trust Company for seeing the strength of this part of our business and committing these funds to allow us to further grow.”
Don Coffin, President, commented:
“Bankers Trust is focused on helping customers reach their goals. We are dedicated to providing excellent service and supporting economic development, so we are thrilled to help REG Energy Services as it looks to expand.”
REG Energy Services offers ultra-low sulfur diesel (ULSD) and biodiesel blends from B2 to B20 (2% to 20% biodiesel) at more than 20 terminal locations throughout the Midwest and Northeastern US. It also offers heating oil and heating oil blends up to B5 (5% biodiesel) at the northeastern locations.