8:34AM Pacific Ethanol provides update on its senior convertible notes; principal balance of the notes have declined at rates faster than anticipated (PEIX) 0.43 -0.04 : The principal balance of the notes have declined at rates faster than anticipated under the scheduled repayment terms. The aggregate unpaid principal balance of the notes, originally $35.0 mln as of October 6, 2010, has declined from $20.3 mln as of June 30, 2011 to $10.5 mln as of September 1, 2011. To date, a total of $24.2 mln in principal has been converted into 28.7 mln common shares, at an average conversion price of $0.84 per share. As previously announced, Pacific Ethanol elected to make its September 1, 2011 installment payment in cash. As a result of additional voluntary conversions by certain note holders, the September payment was reduced from $2.4 mln to $400,000. In addition, on September 1, 2011, co elected to make its October 3, 2011 installment payment in cash, which is currently estimated to be $2.2 mln. As of September 1, 2011, Pacific Ethanol had ~44.1 mln common shares outstanding
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