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CLNE > SEC Filings for CLNE > Form 8-K on 21-Mar-2014All Recent SEC Filings

Show all filings for CLEAN ENERGY FUELS CORP.



Entry into a Material Definitive Agreement, Creation of a Direct Financi

Item 1.01 Entry into a Material Definitive Agreement.

On March 19, 2014, Canton Renewables, LLC (the "Borrower"), a wholly owned subsidiary of Clean Energy Fuels Corp. (the "Company"), completed the previously announced issuance of Solid Waste Facility Limited Obligation Revenue Bonds (Canton Renewables, LLC - Sauk Trail Hills Project) Series 2014 in the aggregate principal amount of $12.4 million (the "Bonds").

The Bonds were issued by the Michigan Strategic Fund (the "Issuer") and the proceeds of such issuance were loaned by the Issuer to the Borrower pursuant to a loan agreement dated March 1, 2014 and effective March 19, 2014 (the "Loan Agreement"). The Bonds are expected to be repaid from revenue generated by the Borrower from the sale of renewable natural gas ("RNG") and are secured by the revenue and assets of the Borrower. The Bond repayments will be amortized through July 1, 2022, the average coupon interest rate on the Bonds is 6.9%, and all but $1.0 million of the principal amount of the Bonds is non-recourse to the Borrower's parent companies including the Company.

The Borrower expects to use the Bond proceeds primarily to (i) refinance the cost of constructing and equipping its RNG extraction and production project in Canton, Michigan and (ii) pay a portion of the costs associated with the issuance of the Bonds. The refinancing described in the prior sentence is expected to be accomplished through distributions to the Borrower's direct and indirect parent companies who provided the financing for the RNG production facility, and such companies plan to use such distributions to finance construction of additional RNG extraction and processing projects and for working capital purposes.

The Loan Agreement contains customary events of default, with customary cure periods, including without limitation, failure to make required payments when due under the Loan Agreement, failure to comply with certain covenants under the Loan Agreement, certain events of bankruptcy and insolvency of the Borrower, and the existence of an event of default under the indenture governing the Bonds that was entered into between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee. The occurrence of an event of default under the Loan Agreement will allow the Issuer or the trustee under the indenture to accelerate all amounts due under the Loan Agreement.

The foregoing description of the Loan Agreement is qualified in its entirety by reference to the Loan Agreement, which is filed as Exhibit 10.93 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated in this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit                                Description
10.93     Loan Agreement, dated March 1, 2014, between Canton Renewables, LLC
          and Michigan Strategic Fund.

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