GPRE, Inc. Completes Placement of 5.75% Convertible Senior Notes Due 2015
November 04 2010
$90 Million After Initial Purchasers Exercised Over-Allotment Option
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE), of which NTR plc is a shareholder, announced today the completion of its private placement of $90 million aggregate principal amount of 5.75% convertible senior notes due 2015 (the “notes”). This includes the purchase of $15 million aggregate principal amount of notes by the initial purchasers to cover over-allotments. The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, by the initial purchasers of the notes. The notes will mature on 1st November 2015 and will bear interest at a fixed rate of 5.75% per year.
The net proceeds to the Company from this private placement is approximately $86.4 million, after deducting initial purchasers’ discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of this offering for general corporate purposes. Although the Company does not currently have any binding commitments or definitive agreements to enter into potential acquisitions, it may also use a portion of the net proceeds to acquire or invest in additional facilities, assets or technologies consistent with its growth strategy.
Notes to Editors
About NTR plc
NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA and Europe. The Group employs over 2,000 people. www.ntrplc.com
About Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) is North America’s fourth largest ethanol producer, operating a total of eight ethanol plants in Indiana, Iowa, Michigan, Nebraska and Tennessee with annual expected operating capacity totaling approximately 657 million gallons. Green Plains also markets and distributes ethanol for four third-party ethanol producers with annual expected operating capacity totaling approximately 360 million gallons. Green Plains owns 51% of Blendstar, LLC, a biofuel terminal operator which operates nine blending or terminaling facilities with approximately 495 million gallons per year of total throughput capacity in seven states in the south central United States. Green Plains operates grain storage facilities and complementary agronomy and petroleum businesses in Iowa, southern Minnesota and western Tennessee.