REG expands Wells Fargo line of credit to $60m

North American advanced biofuels producer and developer of renewable chemicals Renewable Energy Group (REG) has expanded its line of credit agreement with Wells Fargo Capital Finance, from $40 million to $60 million (€36.5 million to €54.5 million).

In a filing with the Securities and Exchange Commission, REG disclosed that two wholly owned subsidiaries exercised their option to expand the original line of credit, which was obtained in 2011. In addition to the line increase, the modification also increases REG's ability to issue letters of credit from $10 million to $25 million.

'As our business continues to grow, so does our need for additional working capital,' says Chad Stone, chief financial officer. 'We built this option into the original agreement in anticipation of future needs. We appreciate the excellent working relationship we have with Wells Fargo and their increased support of our business.'