Clean Energy Fuels Corp. (CLNE): debt financing — Clean Energy Secures $300M Term Loan (Up to $400M) with Stonepeak; Terminates Existing $150M Loan

Clean Energy Fuels Corp.

$300M senior secured term loan at 9.5% interest; additional $100M delayed draw commitment available for two years.
Loan matures Dec 12, 2029; initial two years allow up to 75% PIK interest.
Existing $150M term loan from Riverstone Credit Management terminated.
Clean Energy issued Stonepeak warrants to purchase 20M shares at $5.50 and $6.50, expiring June 15, 2032.
Proceeds to repay existing debt and fund RNG production facilities and fueling station expansion.

item 1.01 item 1.02 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Clean Energy Fuels Corp. incurred term loan of $300,000,000 senior secured term loan with Stonepeak CLNE-L Holdings LP at 9.50% maturing December 12, 2029.

Instrument: term loan
Principal: $300,000,000 senior secured term loan
Counterparty: Stonepeak CLNE-L Holdings LP
Rate: 9.50%
Maturity: December 12, 2029
Event: incurrence

Exact text from the filing

On December 12, 2023 (the “Closing Date”), Clean Energy Fuels Corp. (the “Company”) and its wholly-owned direct subsidiary Clean Energy (the “Borrower”) entered into that certain Senior Secured First Lien Term Loan Credit Agreement (the “Credit Agreement”) with the lenders from time to time party thereto (the “Lenders”) and Stonepeak CLNE-L Holdings LP, as the administrative agent for the Lenders, collateral agent for the secured parties and as sole lead arranger (“Agent”), pursuant to which the Lenders funded a $300,000,000 senior secured term loan (the “Senior Term Loan”) and provided a delayed draw term loan commitment of $100,000,000 (together, with the Senior Term Loan, the “Loan Facility”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clean Energy Fuels Corp. entered into Credit Agreement with Stonepeak CLNE-L Holdings LP and the lenders from time to time party thereto valued at $300,000,000 senior secured term loan and a delayed draw term loan commitment of $100,000,000 (effective 2023-12-12).

Action: entry
Agreement: credit facility
Counterparty: Stonepeak CLNE-L Holdings LP and the lenders from time to time party thereto
Value: $300,000,000 senior secured term loan and a delayed draw term loan commitment of $100,000,000
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023 (the “Closing Date”), Clean Energy Fuels Corp. (the “Company”) and its wholly-owned direct subsidiary Clean Energy (the “Borrower”) entered into that certain Senior Secured First Lien Term Loan Credit Agreement (the “Credit Agreement”) with the lenders from time to time party thereto (the “Lenders”) and Stonepeak CLNE-L Holdings LP, as the administrative agent for the Lenders, collateral agent for the secured parties and as sole lead arranger (“Agent”), pursuant to which the Lenders funded a $300,000,000 senior secured term loan (the “Senior Term Loan”) and provided a delayed draw term loan commitment of $100,000,000

View on SEC.gov

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Clean Energy Fuels Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-125562

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