Green Plains announces offering of $105 million in convertible senior notes

In Nebraska, Green Plains Inc. announced the pricing of its offering of $105 million aggregate principal amount of convertible senior notes due 2024, which was upsized from the previously announced $100 million aggregate principal amount of notes. The notes are to be offered and sold in a private placement to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), by the initial purchasers of the notes.  The company has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $20 million aggregate principal amount of notes.

The company expects to use approximately $40 million of the net proceeds from the offering to repurchase approximately 3.2 million shares of common stock concurrently with the offering in privately negotiated transactions. These repurchases are allocated out of the remaining $80 million of availability under the $100 million stock purchase program authorized by the Board of Directors in 2014. The company also expects to use approximately $57.8 million of the net proceeds to repurchase the outstanding $56.8 million outstanding principal amount of its 3.25% convertible senior notes due October 1, 2019, including accrued interest, in privately negotiated transactions concurrently with this offering.  The remaining proceeds will be used for general corporate purposes.