Green Plains Completes Concurrent Offerings of Common Stock and Convertible Senior Notes Due 2027

OMAHA, Neb., March 01, 2021 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced the completion of its underwritten public offerings of 8,751,500 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, and $230 million aggregate principal amount of 2.25% convertible senior notes due 2027, which includes the full exercise of the underwriters’ option to purchase additional notes. The shares of common stock and notes were offered and sold in a public offering under the Securities Act of 1933, as amended. The company’s estimated net proceeds from the common stock offering were approximately $191.1 million and the notes offering were approximately $222.5 million after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses.

The company used approximately $156.5 million of the net proceeds of the notes offering to repurchase approximately $135.7 million aggregate principal amount of its 4.125% convertible notes due 2022 (the “2022 notes”), in privately negotiated transactions concurrently with this offering. The company intends to use the balance of the net proceeds from the notes offering and the proceeds from the common stock offering for general corporate purposes and to repay its 2022 notes remaining outstanding at their maturity date.

The notes will bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year, beginning September 15, 2021, and mature on March 15, 2027. The notes will be general senior, unsecured obligations of the company. On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the notes), holders of the notes will have the right, at their option, to require the company to repurchase their notes for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.