Green Plains: Offering of Convertible Senior Notes
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OMAHA, Nebraska - Green Plains Inc. (NASDAQ:GPRE) announced that it intends to offer, subject to market and other conditions, $150 million aggregate principal amount of convertible senior notes due 2022 in a private placement to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933, as amended). The notes will be convertible, when certain conditions are met, into cash, shares of the company’s common stock or a combination of cash and common stock, at the election of the company. The interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering.
The company intends to use the net proceeds from the offering for general corporate purposes, including the financing of a portion of the potential acquisition of two ethanol plants affiliated with Abengoa Bioenergy.
This press release does not constitute an offer to sell or a solicitation of an offer to buy. The notes or common stock issuable upon conversion of the notes will not be sold in any state or jurisdiction where the offer, solicitation or sale is unlawful. The offer and sale of the notes or shares of the company’s common stock, if any, issuable upon conversion of the notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and will not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. The company processes 12 million tons of corn annually, producing over 1.2 billion gallons of ethanol, approximately 3.5 million tons of livestock feed and 275 million pounds of industrial grade corn oil at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.
About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.