Green Plains Partners to Sell Ethanol Storage Assets to Green Plains Inc.
Green Plains Partners LP - Common Units (GPP)
Last green plains partners lp - common units earnings: 2/10 05:01 pm
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US:NASDAQ Investor Relations:
ir.greenplainspartners.com
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Source: GlobeNewswire
OMAHA, Neb., Oct. 10, 2018 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) and Green Plains Inc. today announced that it has reached an agreement to sell its storage and transportation assets and transfer railcar leases associated with the Lakota, Iowa, Bluffton, Ind. and Riga, Mich. ethanol facilities to Green Plains Inc. for $120.9 million. These three plants account for 280 million gallons of nameplate capacity, or approximately 20% of Green Plains Inc.’s reported ethanol production capacity. In addition, approximately 525 of the 3,500 railcars managed by Green Plains Partners are anticipated to be conveyed to Green Plains Inc. Green Plains Partners will receive 8.9 million units owned by Green Plains Inc. as payment for the transaction and has also entered into an amendment with Green Plains Trade Group LLC to extend the Ethanol Storage and Throughput Agreement for three years. “As we indicated in May, our goal was to maintain our distribution and coverage ratio from
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