Clean Energy Fuels Corp. Retires 2016 Debt with Stock and Cash

Clean Energy Fuels Corp., announced that it issued 14.0 million shares of common stock and paid an aggregate of $37.9 million in cash, plus $0.2 million for accrued and unpaid interest, in exchange for all of its outstanding 7.5 percent Convertible Notes due in August 2016 (the “2016 Notes”), which totaled $85.2 million in principal and accrued and unpaid interest.  No amounts remain due and owing under the 2016 Notes and all 2016 Notes have been terminated and cancelled in full.

Clean Energy had approximately $182.0 million in cash and short-term investments as of June 30, 2016.

“We have achieved several significant milestones in the last six months, including retiring all the 2016 Notes, repurchasing over $65 million of the 5.25 percent Convertible Notes due 2018, cutting capital expenditures and reporting improved financial results,” said Andrew J. Littlefair, president and CEO of Clean Energy. “We completed the build-out of the initial phase of our America’s Natural Gas Highway and will continue to focus on leveraging our existing infrastructure with new customers and expanding with our existing customers. I’m proud that the Clean Energy team has been able to accomplish so much despite the competitive environment of low oil prices the last few years. I remain optimistic about the future as more and more fleets are realizing the environmental and cost benefits of natural gas fuel.”