Green Plains Inc. (GPRE) Secured $75 Million Term Loan From MetLife Investment

    Green Plains Inc. (GPRE) has successfully closed a 15 year term loan facility with MetLife Investment Management (MIM). Due in 2035, Green Plains will utilize the loan amount of $75 million to construct a high protein technology at Green Plains Wood River LLC. The company will also use the proceeds in financing of its other upcoming projects.

    Company’s President and Chief Executive Officer, Todd Becker commented that the financing of this strategically important project endorses our transformation plans. By providing term financing MIM validates our policy of shifting towards production of high value ingredients. The longer duration and flexibility of the loan highlights that MetLife entrusts our technology and is confident about our expansion plans. Green Plains is intending increasing its efforts to expand its high protein technology further to new locations. This will help the company to cater increasing demand of sustainable protein demand globally. Resultantly the company will able to create a value for its shareholders that will last for long.

    Green Plains has a flexibility to withdraw the funds over next 18 months. The company will pay a fix interest rate of 5.02%, while it has to pay a principal payment of $1.5 million every year. The principal payment has a grace period of 24 months after closing date of the deal. Assets of Green Plains Wood River LLC and Green Plains Shenandoah LLC are the collaterals for the secured loan. The company also guaranteed the finance repayment. As per loan terms, MetLife will release one of these facilities if the loan to value ratio becomes more than 50% upon review of the same.

    Our mechanical separation process helps us achieve minimum 50% protein level in our high quality products, Becker said. Green Plains’ both facilities are to start production soon, that’s why company is intending accelerating its efforts and grabbing more number of long term supply agreements before that.