Clean Energy Fuels Corp. announced that it has entered into a credit agreement for senior secured term loan for an aggregate gross proceeds of $300 million on December 12, 2023. The credit agreement also provides for a two-year delayed draw term loan commitment of an additional $100 million.

The loan facility will carry rate of interest of 9.5% per annum and matures on December 12, 2029. The loan facility is also subject to customary mandatory prepayments. In connection with the loan facility, the company issued warrants to Stonepeak CLNE-W Holdings LP to purchase 10,000,000 shares of common stock, $0.0001 par value per share of the company, with an exercise price equal to $5.50 and 10,000,000 shares of Common Stock with an exercise price equal to $6.50.

The warrants expire on June 15, 2032 and are exercisable at any time after December 12, 2025. The transaction will include participation from new lenders Stonepeak CLNE-L Holdings LP, Stonepeak Infrastructure Credit Fund I LP, Stonepeak Hudson Waterfront Credit Fund, funds managed by Stonepeak Partners LP.