BMO, BNP Arrange Green Plains Refinancing
Green Plains announced the completion of a $225 million senior secured credit facility due 2020 by its wholly-owned subsidiary, Green Plains Processing. The proceeds of the credit facility will be used to refinance debt currently outstanding at the borrower’s subsidiaries.
The company said BMO Capital Markets and BNP Paribas Securities served as joint arrangers and joint book runners on the credit facility.
“We took this opportunity to consolidate several project-level financing structures into a single facility to reduce debt amortization and release trapped cash at several of our ethanol plant subsidiaries,” stated Todd Becker, CEO. “This is a strategic next step in expanding our access to capital markets to support continued execution of our growth strategy.”
Omaha, NE-based Green Plains is a diversified commodity-processing business with operations related to ethanol production, corn oil production, grain handling and storage, and commodity marketing and distribution services.