GREEN PLAINS INC. (NASDAQ:GPRE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On July28, 2017, Green Plains Trade Group LLC entered into an amendment and restatement of its Revolving Credit and Security Agreement with a group of lenders led by PNC Bank, National Association and Bank of America, N.A. This Fourth Amended and Restated Revolving Credit and Security Agreement was completed to fund additional working capital requirements.
The amended facility increases the principal amount of the revolving credit facility from $150million to $300million and modifies certain borrowing base definitions. The amended facility increases advance rates on eligible collateral and modifies the eligible inventory definitions to include additional commodities and locations. Advances are subject to variable interest rates equal to a daily LIBOR rate plus 2.25% or the base rate plus 1.25%. The unused portion of the credit facility is also subject to a commitment fee of 0.375% per annum. The maturity date is extended from November26, 2019 to July28, 2022.
Discussed above are the key modifications in the Fourth Amended and Restated Revolving Credit and Security Agreement and the corresponding Credit Notes, which is not intended to be inclusive of all modifications. The Fourth Amended and Restated Revolving Credit and Security Agreement is attached as an exhibit hereto and incorporated herein by reference.
Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information disclosed in Item 1.01 is incorporated by reference into this Item 1.01.
Item 1.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is filed as part of this report.
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Exhibit Number |
Description of Exhibit |
| 10.1 | Fourth Amended and Restated Revolving Credit and Security Agreement dated July28, 2017 among Green Plains Trade Group LLC, the Lenders and PNC Bank, National Association as Lender and Agent |
Green Plains Inc. ExhibitEX-10.1 2 d434501dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 CUSTOMER CUSIP 39322FAA3 FACILITY CUSIP 39322FAB FOURTH AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT PNC BANK,…To view the full exhibit click here
About GREEN PLAINS INC. (NASDAQ:GPRE)
Green Plains Inc. (Green Plains) is a vertically integrated producer, marketer and distributor of ethanol. The Company operates through four segments: Ethanol Production, Agribusiness, Marketing and Distribution, and Partnership. The Company’s ethanol production segment is engaged in the production of ethanol and related distillers grain. Its ethanol production segment includes over 10 ethanol plants in Indiana, Iowa, Michigan, Minnesota, Nebraska, Tennessee, Texas and Virginia. The Company owns and operates grain handling and storage assets through its agribusiness segment. The Company’s marketing and distribution segment is engaged in marketing and providing logistical services for ethanol and other commodities for a third-party ethanol producer. The Company’s partnership segment provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.
