Shares of Clean Energy Fuels (NASDAQ: CLNE) are up 13.9% as of 3:05 p.m. ET Wednesday after the renewable natural gas (RNG) development and delivery specialist announced a new financing facility of up to $400 million with alternative investment firm Stonepeak. Stonepeak specializes in infrastructure and real assets, and has $57.9 billion of assets under management.

According to a press release this morning, Clean Energy Fuels' agreement will start with a six-year $300 million senior secured term loan bearing interest at 9.5% per annum. It also provides a two-year delayed draw term loan commitment of an additional $100 million.

In connection with the deal, Clean Energy also issued stock warrants to Stonepeak for the purchase of 10 million shares of common stock with an exercise price of $5.50 per share, as well as 10 million shares at an exercise price of $6.50 per share. The warrants expire on June 15, 2032, and are exercisable at any time after Dec. 12, 2025. Clean Energy stock is trading at $3.60 per share as of this writing.

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Source Fool.com