NEW YORK (TheStreet) -- Shares of Renewable Energy Group (REGI) - Get Report are advancing by 2.44% to $8.83 on heavy trading volume early Friday afternoon, after pricing an offering of convertible senior notes. 

The company intends to offer $132 million aggregate principal amount of 4% convertible senior notes due 2036.

Renewable Energy Group will use $62 million of the net proceeds to repurchase a portion of outstanding 2.75% convertible senior notes due 2019.

In separate transactions, the company will use $35 million of the proceeds to repurchase about 4.1 million shares of its common stock through one of the initial purchasers or its affiliate as its agent.

About 7.94 million shares of Renewable Energy Group have been traded so far today, well above the company's average trading volume of roughly 501,588 shares per day.

Based in Ames, IA, Renewable Energy is focused on providing cleaner, lower carbon intensity products and services while also providing conventional products and services.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.

Renewable Energy Group's strengths such as its revenue growth, increase in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: REGI

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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