Alto Ingredients Inc., a leading producer of specialty alcohols and essential ingredients, announced today the completion of the sale of its fuel ethanol production facility in Madera, California, to Seaboard Energy California LLC. The company received $19.5 million in cash proceeds and an additional $8.8 million in assumption of liabilities. The Company used the $19.5 million in net proceeds to prepay principal and accrued interest on its senior notes outstanding. After the close, the company’s outstanding balance of its senior notes is only $700,000.
Mike Kandris, Alto Ingredients Inc.’s CEO, stated, “We wish Seaboard much success as they launch their repurposing of the facility. As previously discussed, the monetization of this asset reduces interest and idle expenses for Alto Ingredients by over $4 million dollars annually and allows us to better focus resources on driving revenue and profitable growth.”