Green Plains Partners LP: Closing of Initial Public Offering
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OMAHA, Nebraska - Green Plains Partners LP ("Green Plains Partners") (GPP) announced the closing of its initial public offering of 11,500,000 common units representing limited partner interests at $15.00 per common unit. The number of common units issued at closing included 1,500,000 common units that were issued pursuant to the full exercise of the underwriters' option to purchase additional common units. The common units began trading on the NASDAQ Global Market on June 26, 2015 under the ticker symbol "GPP". Net proceeds from the offering, after deducting underwriting discounts, structuring fees and estimated offering expenses, were approximately $157.9 million.
Following the closing of the offering, the public owns common units representing a 35.5% limited partner interest in Green Plains Partners. Green Plains Inc. (the "Parent") (GPRE), together with certain of its wholly-owned subsidiaries, owns the remaining outstanding common units and subordinated units, collectively representing a 62.5% limited partner interest in Green Plains Partners, as well as Green Plains Partners' 2.0% general partner interest and Incentive Distribution Rights.
Green Plains Partners intends to use the net proceeds from the offering to pay a distribution to the Parent, to pay origination fees under a new revolving credit facility, and for general partnership purposes.
Barclays, BofA Merrill Lynch, Credit Suisse, Macquarie Capital and RBC Capital Markets acted as joint book-running managers for the offering, and Baird, Raymond James, Stephens Inc. and Stifel acted as co-managers for the offering. Rothschild acted as financial advisor in connection with the offering and XMS Capital Partners along with Barclays acted as structural advisors.
ou may obtain a copy of the final prospectus for free by visiting the U.S. Securities and Exchange Commission's (the "SEC") website at http://www.sec.gov.
A registration statement relating to these securities has been filed with and declared effective by the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Green Plains Partners LP
Green Plains Partners LP is a fee-based Delaware limited partnership recently formed by its parent, Green Plains Inc., to provide ethanol and fuel storage, terminal and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.
Jim Stark, Vice President - Investor and Media Relations
Green Plains Partners LP