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Green Plains launches $500 million term B at Libor plus 500-550 bps
By Sara Rosenberg
New York, July 25 – Green Plains Inc. launched on Tuesday its $500 million six-year term loan B (B2/BB-) with price talk of Libor plus 500 basis points to 550 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan B has 101 soft call protection for six months and total term debt to total term capitalization and restricted group EBITDA to cash interest expense covenants, the source said.
BNP Paribas Securities Corp. is the lead bank on the deal.
Commitments are due on Aug. 8, the source added.
Proceeds will be used to refinance existing debt.
Green Plains is an Omaha-based ethanol production, marketing and commodities company.
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