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BMO Capital Markets, BNP Paribas Arrange $225MM Credit Facility for Green Plains

June 11, 2014, 07:12 AM
Filed Under: Agriculture

Green Plains Inc. announced the completion of a $225 million senior secured credit facility due 2020 (the "Credit Facility") by its wholly-owned subsidiary, Green Plains Processing LLC (the "Borrower"). The proceeds of the Credit Facility will be used to refinance debt currently outstanding at the Borrower's subsidiaries. Through its subsidiaries, the Borrower holds six ethanol plants, with approximately 450 million gallons of annual production capacity, and corn oil production assets located in Bluffton, IN, Shenandoah, IA, Fergus Falls, MN, Atkinson, NE, Central City, NE and Ord, NE.

"We took this opportunity to consolidate several project-level financing structures into a single facility to reduce debt amortization and release trapped cash at several of our ethanol plant subsidiaries," stated Todd Becker, President and Chief Executive Officer. "This is a strategic next step in expanding our access to capital markets to support continued execution of our growth strategy."

Credit ratings assigned to the Credit Facility from Standard & Poor's and Moody's are BB and B2, respectively. Green Plains Inc. corporate credit rating are B+ and B2 from Standard & Poor's and Moody's, respectively. BMO Capital Markets and BNP Paribas Securities Corp. served as joint arrangers and joint book runners on the Credit Facility.

Green Plains Inc. is a diversified commodity-processing business with operations related to ethanol production, corn oil production, grain handling and storage, and commodity arketing and distribution services.

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