Green Plains completes $75 million loan facility for the construction of high-protein technology
Wednesday, September 9, 2020
Green Plains closed a $75 million, 15-year term loan facility with MetLife Investment Management (MIM), due 2035. The company will use the proceeds to finance the construction of high-protein technology at Green Plains Wood River LLC as well as a yet to be announced future location.
“This strategic project-based financing validates our transformation strategy of producing high-value ingredients,” said Todd Becker, president and chief executive officer. “The long-term nature and flexibility of the loan speak to the confidence that MIM has in this technology and our direction as a company. We are excited to accelerate the implementation of high-protein technology at additional locations to help meet the growing global demand for sustainable proteins while creating long-term value for our shareholders.”
“Our high-protein products have a minimum 50% protein achieved by mechanical separation,” added Becker. “These products will serve as a cornerstone ingredient for both the pet food and aquaculture industries demand for higher purity proteins with lower fiber, unique amino acid profiles and specific nutritional yeast benefits. Our goal is to have offtake and long-term supply agreements in place as each installation begins production.”
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