Green Plains Shares Drop After Senior Notes Exchange

By Chris Wack

Green Plains shares were 11% lower, at $9.38, after the company said it has entered into separate, privately negotiated exchange agreements with certain of the holders of its existing 2.25% convertible senior notes due 2027.

The company said it will exchange $170 million of the 2027 notes to exchange for $170 million of newly issued 5.25% convertible senior notes due November 2030.

Green Plains also said it has entered into separate, privately negotiated subscription agreements pursuant to which it will issue $30 million of 2030 notes for $30 million in cash.

In connection with the exchange transactions and subscription transactions, Green Plains has agreed to repurchase 2.9 million shares for $30 million from certain holders participating in the exchange transactions and subscription transactions. The repurchase transactions will be funded with the proceeds of the subscription transactions. The transactions are expected to close on Oct. 27.

Following completion of the transactions, $200 million of 2030 notes will be outstanding, and $60 million of the 2027 notes will remain outstanding with existing terms unchanged.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 22, 2025 11:00 ET (15:00 GMT)