Green Plains calls all $90 million of its 5.75% convertibles due 2015

By Tali Rackner

Norfolk, Va., Feb. 14 - Green Plains Renewable Energy, Inc. plans to redeem all $90 million of its 5.75% senior convertible notes due 2015, according to a press release.

The notes will be redeemed at par plus accrued interest on March 20.

The notes are convertible at any time prior to 5 p.m. ET on March 19 at a current conversion rate of 72.5846 shares per $1,000 principal amount, including the make-whole shares, equivalent to a conversion price of about $13.78 per share.

Green Plains will make an adjustment to the conversion rate as a result of a recently announced cash dividend on its common stock immediately after the record date of Feb. 28.

The closing price for the company's common stock (Nasdaq: GPRE) on Thursday was $24.70.

Green Plains Renewable Energy is an Omaha-based ethanol producer.

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