Gevo, Inc. 8-K

What Happened
Gevo, Inc. filed an 8-K on Feb. 11, 2026 disclosing that on Feb. 6, 2026 it completed a refinancing with entities affiliated with Orion Infrastructure Capital. The company amended its existing credit agreement to (i) add $70.0 million of incremental loans, (ii) bring new Gevo subsidiaries into the credit facility and grant first‑lien security interests, and (iii) permit and finance the full redemption of bonds issued for the benefit of its RNG Project Company. Concurrently, certain subsidiaries entered a $20.0 million working capital revolving facility with The Huntington National Bank. As part of the refinancing and bond redemption, approximately $35.8 million of restricted cash tied to the redeemed bonds was released to Gevo.

Key Details

• Incremental loans: $70,000,000 added to the existing Credit Agreement (subject to funding conditions); Holdings issued certain Class B Units as partial consideration.
• Bond redemption: Redeemed in full on Feb. 6, 2026 — $40,000,000 Series 2025A bonds and $28,155,000 Series 2021 bonds (total $68,155,000); Series 2025A prepayment premium paid of $6,434,100. All related liens and indentures were released and terminated.
• Working capital facility: $20,000,000 revolving credit with Huntington; borrowing availability is based on a borrowing base of eligible A/R and inventory; letters of credit up to $1,000,000. Pricing: Adjusted Term SOFR + 2.75% or Alternate Base Rate + 0.75%; unused fee 0.375% p.a.
• Covenants and security: New loan parties granted first‑lien security interests and equity pledges; NZ North was added as a guarantor (released as a borrower); working capital lender has a first priority lien on working capital collateral and a second‑priority lien on term‑loan collateral; minimum fixed charge coverage ratio of 1.10x quarterly (starting March 31, 2026 measurement).

Why It Matters
This transaction shifts Gevo’s funding mix by replacing public/project bond financing with bank‑style secured credit and an incremental term loan, providing immediate liquidity (release of ~$35.8M restricted cash) and a $20M revolver for working capital. At the same time, it creates new secured debt obligations and collateral pledges across Gevo subsidiaries and introduces contractual covenants (e.g., a 1.10x fixed charge coverage requirement) that investors should monitor. The bond redemption removes prior project financings and their related liens, but investors should note the company’s new secured exposures and the issuance of Class B Units to certain lenders as part of the deal.