In Nebraska, Green Plains Partners announced the closing of its initial public offering of 11,500,000 common units representing limited partner interests at $15.00 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 June 26, 2015 under the ticker symbol “GPP”. Net proceeds from the offering, after fees, were approximately $157.9 million.
Now, the public owns a 35.5% limited partner interest in Green Plains Partners. Green Plains Inc. and its wholly owned subsidiaries own the remaining outstanding 62.5%. Green Plains Partners intends to use the net proceeds from the offering to pay a distribution to the Parent, to pay origination fees under a new revolving credit facility, and for general partnership purposes.