Green Plains Partners closes initial IPO

Green Plains Partners has closed its initial public offering (IPO) of 11,500,000 common units representing limited partner interests at $15 (€13.5) per common unit. The number of common units issued at closing included 1,500,000 common units that were issued pursuant to the full exercise of the underwriters' option to purchase additional common units.

The common units began trading on the NASDAQ Global Market on 26 June under the ticker symbol 'GPP'. Net proceeds from the offering, after deducting underwriting discounts, structuring fees and estimated offering expenses, were approximately $157.9 million.
Following the closing of the offering, the public owns common units representing a 35.5% limited partner interest in Green Plains Partners. Parent company Green Plains Inc., together with some of its wholly owned subsidiaries, owns the remaining outstanding common units and subordinated units, collectively representing a 62.5% limited partner interest in Green Plains Partners, as well as Green Plains Partners' 2% general partner interest and Incentive Distribution Rights.

Green Plains Partners intends to use the net proceeds from the offering to pay a distribution to Green Plains Inc., to pay origination fees under a new revolving credit facility, and for general partnership purposes.

Barclays, BofA Merrill Lynch, Credit Suisse, Macquarie Capital and RBC Capital Markets acted as joint book-running managers for the offering, and Baird, Raymond James, Stephens Inc. and Stifel acted as co-managers for the offering. Rothschild acted as financial advisor in connection with the offering and XMS Capital Partners along with Barclays acted as structural advisors.