Omaha, NE-based ethanol producer Green Plains amended its credit facility to increase the borrowing capacity from $100 million to $200 million until July 31, 2017, when it increases to $300 million. The maturity date was extended from October 31, 2017 to April 30, 2020.

According to a related 8-K filing, Bank of the West and ING Capital led the banking group.

This amendment was completed to fund the additional working capital requirements related to the pending acquisition of two cattle feedlots located in Leoti, KS and Yuma, CO.

The revolving credit facility is used to finance the working capital for all of GPC’s cattle feedlot operations up to the maximum commitment, based on eligible collateral equal to the sum of percentages of eligible receivables, inventories and other current assets, less miscellaneous adjustments.

Advances under the revolving credit facility, as amended, are subject to variable interest rates equal to LIBOR + 2% to 3% or the base rate plus 1% to 2%, depending on the preceding three months’ excess borrowing availability. The credit facility also includes an accordion feature that enables the maximum commitment to be increased by up to $100 million with agent approval. The unused portion of the credit facility is also subject to a commitment fee of 0.20% to 0.30% per annum, depending on the preceding three months’ excess borrowing availability. Interest is payable as required but no less than quarterly in arrears and principal is due upon maturity.