GREEN PLAINS INC. (NASDAQ:GPRE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 28, 2019, Green Plains Grain Company LLC (the “Company”) entered into an amendment of its Credit Agreement with a group of lenders led by BNP Paribas. This Ninth Amendment to the Credit Agreement (the “Credit Agreement”) was completed to renew and extend the existing maturity date from July 26, 2019 to June 28, 2022.
In addition to the extension of the maturity date, the amended Credit Agreement lowered the senior secured asset-based revolving credit facility from $125.0 million to $100.0 million. The amended Credit Agreement requires the Company’s working capital to be the greater of (i) $18,000,000 and (ii) 18% of the sum of the then total commitment plus the aggregate seasonal line commitments. The Credit Agreement also revised the definition of restricted payments to allow the Company to make restricted payments so long as working capital is equal to at least the greater of (i) $25,000,000 on a pro forma basis and (ii) 25% of the sum of the then total commitment plus the aggregate seasonal line commitments. Lastly, the Credit Agreement modified certain restrictions related to affiliated ethanol plant debt limits.
Discussed above are the key modifications in the Ninth Amendment to the Credit Agreement, which are not intended to be inclusive of all modifications. The Ninth Amendment to the Credit Agreement is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Item 2.03 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 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report.
Green Plains Inc. Exhibit
EX-10.1 2 gpre-20190701xex10_1.htm EX-10.1 Exhibit 101 – GPG Debt Amendment Exhibit 10.1 NINTH AMENDMENT TOCREDIT AGREEMENT This NINTH AMENDMENT TO CREDIT AGREEMENT (this “Ninth Amendment”) dated as of June 28,…
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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.