Green Plains Announces Upsizing and Pricing of its Common Stock Offering
August 05 2021 - 9:02AM
Green Plains Inc. (NASDAQ:GPRE) today announced the pricing of its
underwritten public offering of $152.0 million of common stock at a
price to the public of $32.00 per share, which was upsized from the
previously announced $150.0 million offering. The net proceeds to
the company from the offering, after deducting the underwriting
discounts and commissions and other offering expenses, are expected
to be approximately $143.3 million.
The company has also granted the underwriters in the common
stock offering a 30-day option to purchase up to an additional
712,500 shares of its common stock on the same terms and conditions
solely to cover over-allotments.
The company intends to use the net proceeds from the common
stock offering for growth investments to further accelerate its
downstream development opportunities.
The offering is expected to close on August 9, 2021, subject to
customary closing conditions.
Jefferies and BofA Securities are acting as joint book-running
managers for the offering. BMO Capital Markets, Craig-Hallum
Capital Group, Roth Capital Partners, and Stephens Inc. are acting
as co-managers of the offering.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities referred to in this
press release, nor will there be any sale of any such securities,
in any state or other jurisdiction in which such offer, sale or
solicitation would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. The offering is being made pursuant to an effective
shelf registration statement on file with the Securities and
Exchange Commission (the “SEC”). The offering will be made only by
means of a prospectus supplement and an accompanying prospectus.
When available, an electronic copy of the applicable prospectus
supplement, together with the accompanying prospectus, can be
obtained on the SEC’s website at www.sec.gov. Alternatively, copies
of the prospectus supplement, together with the accompanying
prospectus, can be obtained by contacting: Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, telephone: 1-877-821-7388 or
e-mail: Prospectus_Department@Jefferies.com; or BofA Securities, by
mail at NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attention: Prospectus Department, or
email at dg.prospectus_requests@bofa.com.
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.
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: disruption caused by health epidemics, such as the
coronavirus outbreak, competition in the industries in which Green
Plains operates; commodity market risks, financial market risks;
counterparty risks; risks associated with changes to federal policy
or regulation, including changes to tax laws; risks related to
closing and achieving anticipated results from acquisitions and
disposals. Other factors can include risks associated with Green
Plains’ ability to realize higher margins anticipated from the
company’s high protein feed, clean sugar, specialty alcohol and
carbon sequestrations initiatives; to achieve anticipated savings
from Project 24; to successfully pursue its ongoing transformation
strategy 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.
ContactsInvestors: Phil Boggs | Senior
Vice President, Investor Relations | 402.884.8700 |
phil.boggs@gpreinc.com Media: Lisa Gibson |
Communications Manager | 402.952.4971 |
lisa.gibson@gpreinc.com
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