In Nebraska, Green Plains Partners LP announced that it has commenced its initial public offering of 10,000,000 common units representing limited partner interests pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission. Green Plains Partners will also grant the underwriters an option to purchase up to an additional 1,500,000 common units at the initial public offering price. The common units are expected to trade on the NASDAQ Global Market under the ticker symbol “GPP.”
Green Plains Partners LP is a fee-based Delaware limited partnership recently formed by its parent, Green Plains Inc., to provide ethanol and fuel storage, terminal and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.
The common units being offered to the public represent an approximate 30.8% limited partner interest in Green Plains Partners, or an approximate 35.5% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units. Green Plains Inc. and certain of its subsidiaries will own the remaining limited partner interest in Green Plains Partners as well as its 2.0% general partner interest and its Incentive Distribution Rights. Green Plains Partners intends to use the proceeds from this offering to make a distribution to Green Plains Inc., to pay origination fees under a new revolving credit facility, and for general partnership purposes.