REG Announces Redemption of 4.00% Convertible Senior Notes Due 2036

Source: www.gulfoilandgas.com 4/12/2021, Location: North America

Renewable Energy Group, Inc. (“REG”) it will redeem all of its outstanding 4.00% Convertible Senior Notes due 2036 (CUSIP No. 75972A AC7) (the “Notes”) on June 15, 2021 (the “Redemption Date”) at a redemption price (the “Redemption Price”) equal to 100% of the principal amount of the Notes redeemed. Because the Redemption Date is the interest payment date relating to the regular record date of June 1, 2021, the holder of a Note as of 5:00 p.m., New York City time, on June 1, 2021 will be entitled, notwithstanding the redemption of the Notes, to receive, on the Redemption Date, the unpaid interest that would have accrued on such Note to, but excluding, the Redemption Date and, accordingly, the Redemption Price to be paid to the redeeming holder of a Note will not include accrued and unpaid interest on such Note to, but excluding, the Redemption Date. As of April 11, 2021, there was approximately $31.4 million aggregate principal amount of the Notes outstanding.

The Notes may be converted at any time before 5:00 p.m., New York City time, on June 11, 2021, which is the second business day immediately before the Redemption Date, in accordance with and subject to the terms of the Indenture governing the Notes, dated as of June 2, 2016 (the “Indenture”) and the Notes. REG has determined that Notes surrendered for conversion will be settled in cash up to the principal amount of the Notes surrendered for conversion and shares of REG common stock for the remainder of the conversion obligation, if any, in excess of the principal amount (provided that REG will pay cash in lieu of issuing fractional shares) in accordance with the terms of the Indenture. The Notes are currently convertible at a conversion rate of 92.8074 shares of REG common stock per $1,000 principal amount of Notes.

Unless REG defaults in making payment of the Redemption Price, interest on the Notes will cease to accrue from and after the Redemption Date and thereafter the only remaining right of a holder of Notes will be the right to receive payment of the Redemption Price upon surrender of Notes to the Paying Agent. Notes called for redemption must be surrendered to the Paying Agent through the facilities of The Depository Trust Company to collect the Redemption Price.


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