By Marisa Wong
Morgantown, W.Va., Aug. 9 – Green Plains Inc. agreed to exchange $55.5 million principal amount of its existing 3.25% convertible senior notes due 2018 for $55.5 million of new 3.25% convertible senior notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into exchange agreements with some holders of the 2018 notes on Wednesday. The exchange is expected to close on Aug. 14.
The new notes will mature on Oct. 1, 2019.
The conversion rate for the new notes will initially be 50.6481 shares of Green Plains stock per $1,000 principal amount of notes, which corresponds to an initial conversion price of about $19.74 per share.
The notes will be convertible at any time but are not callable.
The company is an Omaha-based commodity-processing business with operations in ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services.
New exchange notes
| Issuer: | Green Plains Inc.
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| Issue: | Convertible senior notes
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| Amount: | $55.5 million
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| Maturity: | Oct. 1, 2019
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| Coupon: | 3.25%
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| Conversion price: | $19.74 per share
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| Call option: | No
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| Settlement date: | Aug. 14
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