Green Plains Completes Offering of Common Stock

Rhea-AI Summary

Green Plains Inc. (NASDAQ:GPRE) has completed an underwritten public offering of 5,462,500 shares of common stock at $32.00 each, generating approximately $164.9 million in net proceeds. The offering included the underwriters' overallotment option of 712,500 shares. The funds are intended for growth investments to accelerate downstream development opportunities. Jefferies and BofA Securities led the offering, with additional participation from several co-managers. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Positive

• Estimated net proceeds of approximately $164.9 million for growth investments.
• Strategic use of funds to accelerate downstream development opportunities.

Negative

• None.

OMAHA, Neb., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced the completion of its underwritten public offering of 5,462,500 shares of common stock at a price to the public of $32.00 per share. This includes the purchase of 712,500 shares of common stock by the underwriters pursuant to the full exercise of their overallotment option. The shares of common stock were offered and sold in a public offering under the Securities Act of 1933, as amended. The company’s estimated net proceeds from the common stock offering were approximately $164.9 million after deducting the initial purchasers’ discounts and commissions and its estimated offering expenses.

The company intends to use the net proceeds from the common stock offering for growth investments to further accelerate its downstream development opportunities.

Jefferies and BofA Securities acted as joint book-running managers for the offering. BMO Capital Markets, Craig-Hallum Capital Group, Roth Capital Partners, Stephens Inc. and Truist Securities acted as co-managers for the offering.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a prospectus supplement and an accompanying prospectus. An electronic copy of the prospectus supplement, together with the accompanying prospectus, is available on the SEC’s website at www.sec.gov. Alternatively, copies of these documents can be obtained by contacting: Jefferies LLC, by mail at 520 Madison Avenue, 2^nd Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department, or by telephone at (877) 821-7388, or by email to Prospectus_Department@Jefferies.com; or BofA Securities, Inc., by mail at NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or email at dg.prospectus_requests@bofa.com.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.9% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: disruption caused by health epidemics, such as the coronavirus outbreak, competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions and disposals. Other factors can include risks associated with Green Plains’ ability to realize higher margins anticipated from the company’s high protein feed, clean sugar, specialty alcohol and carbon sequestrations initiatives; to achieve anticipated savings from Project 24; to successfully pursue its ongoing transformation strategy and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.

Green Plains Inc. Contacts
Investors: Phil Boggs | Senior Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com
Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com 

FAQ

What is the recent stock offering by Green Plains Inc. (GPRE)?

Green Plains Inc. has completed an underwritten public offering of 5,462,500 shares at $32.00 per share.

How much money did Green Plains Inc. raise from its stock offering?

The company raised approximately $164.9 million in net proceeds from the offering.

What will Green Plains Inc. use the proceeds from the public offering for?

The proceeds will be used for growth investments to accelerate downstream development opportunities.

Who managed the recent stock offering for Green Plains Inc.?

Jefferies and BofA Securities acted as joint book-running managers for the offering.