Green Plains Partners Completes Debt Refinancing
July 26 2021 - 7:30AM
Green Plains Partners LP (NASDAQ:GPP) and Green Plains Inc.
(NASDAQ:GPRE) today announced the partnership’s debt facility was
purchased by funds and accounts managed by BlackRock and was
converted into a $60.0 million term loan facility maturing in 2026.
The loan facility became effective on July 20, 2021.
“Green Plains Partners continues to be supported by long-term
minimum volume commitments leading to continued strong cash flows,”
said Todd Becker, president and chief executive officer of Green
Plains and Green Plains Partners. “With the closing of this
transaction, the partnership’s board intends to return to its prior
strategy of maintaining a 1.1 times coverage ratio on normalized
trailing 12-month distributable cash flows, thus enabling higher
distributions for our unitholders in the future, beginning with the
third quarter of this year.”
The $60.0 million term loan facility will mature on July 20,
2026. The loan is secured by substantially all of the assets of the
partnership.
About Green Plains Partners LPGreen 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.
About Green Plains Inc.Green Plains Inc.
(NASDAQ:GPRE) is a leading biorefining company focused on the
development and utilization of fermentation, agricultural and
biological technologies in the processing of annually renewable
crops into sustainable value-added ingredients. This includes the
production of cleaner low carbon biofuels, renewable feedstocks for
advanced biofuels and high purity alcohols for use in cleaners and
disinfectants. Green Plains is an innovative producer of Ultra-High
Protein and novel ingredients for animal and aquaculture diets to
help satisfy a growing global appetite for sustainable protein. The
Company also owns a 48.9% limited partner interest and a 2.0%
general partner interest in Green Plains Partners LP. For more
information, visit www.gpreinc.com.
Green Plains
ContactsInvestors: Phil Boggs | Senior
Vice President - Investor Relations | 402.884.8700 |
phil.boggs@gpreinc.comMedia: Lisa Gibson |
Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com
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