Green Plains Repays $500 Million Senior Secured Term Loan due 2023
November 28 2018 - 8:15AM
Green Plains Inc. (NASDAQ:GPRE) today announced that it has repaid
its entire obligation for the $500 million senior secured term loan
due 2023. All of the company’s assets and subsidiaries, not
including Green Plains Partners LP (NASDAQ:GPP), are unencumbered
from term debt.
“When we announced our portfolio optimization plan in May, our
priorities included proving the value of our assets and
significantly reducing or eliminating term debt and I am pleased to
say we have achieved those objectives,” said Todd Becker, president
and chief executive officer of Green Plains Inc. “For the first
time in Green Plains’ history, we have no term debt which is a
direct result of our efforts to strengthen our balance sheet
through the completion of the reported asset sales.”
“We continue to focus our efforts on additional asset
divestments, investing in high-protein process technology,
repurchasing shares and reducing controllable expenses,” Becker
added.
About Green Plains Inc.Green Plains Inc.
(NASDAQ:GPRE) is a diversified commodity-processing business with
operations related to ethanol production, grain handling and
storage, cattle feeding, and commodity marketing and logistics
services. The company is one of the leading producers of ethanol in
the world and, through its adjacent businesses, is focused on the
production of high-protein feed ingredients and export growth
opportunities. Green Plains owns a 49.1% limited partner interest
and a 2.0% general partner interest in Green Plains Partners. For
more information about Green Plains, visit www.gpreinc.com.
Forward-Looking StatementsThis news release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements reflect management’s current views,
which are subject to risks and uncertainties including, but not
limited to, anticipated financial and operating results, plans and
objectives that are not historical in nature. These statements may
be identified by words such as “believe,” “expect,” “may,”
“should,” “will” and similar expressions. Factors that could cause
actual results to differ materially from those expressed or implied
include risks related to Green Plains’ ability to successfully
complete the portfolio optimization plan and other risks discussed
in Green Plains’ reports filed with the Securities and Exchange
Commission. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
news release. Green Plains assumes no obligation to update any such
forward-looking statements, except as required by law.
Green Plains Inc. Contact: Jim
Stark | Vice President Investor & Media Relations | Tel:
402.884.8700 | email: jim.stark@gpreinc.com
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