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			Form 8-K - Closing
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;color:#000000;">UNITED STATES</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">FORM 8-K</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">CURRENT REPORT</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Pursuant to Section 13 OR 15(d) of the</font>
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						<font style="display: inline;">Date of Report (Date of earliest event reported)</font></p>
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						<font style="display: inline;font-weight:bold;">June </font><font style="display: inline;font-weight:bold;">21</font><font style="display: inline;font-weight:bold;">, 2019</font></p>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">GREEN PLAINS INC</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">.</font>
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			<font style="display: inline;color:#000000;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;font-weight:bold;">001-32924</font></p>
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						<font style="display: inline;">(Commission file number)</font></p>
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						<font style="display: inline;font-weight:bold;">1811 Aksarben Drive, Omaha, Nebraska</font></p>
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						<font style="display: inline;">(Address of principal executive offices)</font></p>
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			<font style="display: inline;font-weight:bold;color:#000000;">(402) 884-8700</font>
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			<font style="display: inline;color:#000000;">(Registrant&#x2019;s telephone number, including area code)</font>
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			<font style="display: inline;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:10pt;"><font style="display: inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:10pt;"><font style="display: inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:10pt;"><font style="display: inline;font-family:Segoe UI Symbol;">&#x2610;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;"></font><font style="display: inline;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></font>
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			<font style="display: inline;color:#000000;">Securities registered pursuant to Section 12(b) of the Act:</font>
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						<font style="display: inline;color:#000000;text-decoration:underline;">Title of each class</font></p>
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						<font style="display: inline;">Common Stock, par value $0.001 per share</font></p>
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						<font style="display: inline;color:#000000;">The Nasdaq Stock Market LLC</font></p>
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			<font style="display: inline;color:#000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).&nbsp;&nbsp;Emerging growth company </font><font style="display: inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font>
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			<font style="display: inline;color:#000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display: inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font>
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			<font style="display: inline;font-weight:bold;">Item </font><font style="display: inline;font-weight:bold;">1.</font><font style="display: inline;font-weight:bold;">01</font><font style="display: inline;font-weight:bold;">.&nbsp; </font><font style="display: inline;font-weight:bold;">Entry into a Material Definitive Agreement.</font>
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			<font style="display: inline;font-size:10pt;">On June 21, 2019, Green Plains Inc. (the &#x201C;</font><font style="display: inline;font-size:10pt;">Company</font><font style="display: inline;font-size:10pt;">&#x201D;) entered into an indenture (the &#x201C;</font><font style="display: inline;font-size:10pt;">Indenture</font><font style="display: inline;font-size:10pt;">&#x201D;) between the Company and Wilmington Trust, National Association, as trustee (the &#x201C;</font><font style="display: inline;font-size:10pt;">Trustee</font><font style="display: inline;font-size:10pt;">&#x201D;), in connection with the closing of its private offering of $105.0 million aggregate principal amount of the Company&#x2019;s 4.00% Convertible Senior Notes due 2024 (the &#x201C;</font><font style="display: inline;font-size:10pt;">Notes</font><font style="display: inline;font-size:10pt;">&#x201D;). The Notes were sold at 100% of par, resulting in estimated net proceeds to the Company, after deducting the initial purchasers&#x2019; discounts and commissions and the Company&#x2019;s estimated offering expenses, of approximately $101 million.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-size:10pt;">The Company has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $20.0 million aggregate principal amount of notes. </font>
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			<font style="display: inline;font-size:10pt;">The company used approximately $40 million of the net proceeds from the offering to repurchase approximately 3.2 million shares of common stock concurrently with the offering in privately negotiated transactions. The company also used approximately $57.8 million of the net proceeds to repurchase the outstanding $56.8 million outstanding principal amount of its 3.25% convertible senior notes due October 1, 2019, including accrued and unpaid interest, in privately negotiated transactions co</font><font style="display: inline;font-size:10pt;">ncurrently with this offering. </font><font style="display: inline;font-size:10pt;">The remaining proceeds will be used for general corporate purposes.&nbsp; </font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">A copy of the Indenture and the form of global note representing the Notes, which is Exhibit A to the Indenture, are attached hereto as Exhibit 4.1, which is incorporated herein by reference in this Item 1.01. The descriptions of the Indenture and of the Notes contained in this report are summaries and, in each case, are qualified in their entirety by the terms of the Indenture and the Notes. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Notes are senior, unsecured obligations of the Company, with interest payable on </font><font style="display: inline;font-size:10pt;">January</font><font style="display: inline;font-size:10pt;">&nbsp;1 and </font><font style="display: inline;font-size:10pt;">July</font><font style="display: inline;font-size:10pt;">&nbsp;1 of each year, beginning </font><font style="display: inline;font-size:10pt;">January 1, 2020, at a rate of 4.00</font><font style="display: inline;font-size:10pt;">% per annum. The Notes will mature on </font><font style="display: inline;font-size:10pt;">July</font><font style="display: inline;font-size:10pt;"> 1, 202</font><font style="display: inline;font-size:10pt;">4</font><font style="display: inline;font-size:10pt;">, unless earlier converted, redeemed or repurchased. The Notes will be convertible, at the option of the holders, into consideration consisting of, at the Company&#x2019;s election, cash, shares of the Company&#x2019;s common stock, or a combination of cash and shares of the Company&#x2019;s common stock until the close of business on the scheduled trading day immediately preceding the maturity date. However, before </font><font style="display: inline;font-size:10pt;">January 1, 2024</font><font style="display: inline;font-size:10pt;">, the Notes will not be convertible unless certain conditions are satisfied. The initial conversion rate will be </font><font style="display: inline;font-size:10pt;">64.1540</font><font style="display: inline;font-size:10pt;"> shares of the Company&#x2019;s common stock per $1,000 principal amount of Notes (which is </font><font style="display: inline;color:#000000;font-size:10pt;">equivalent to an initial conversion price of approximately $15.59 per share of the company's common stock, representing an approximately 25.0% premium over the last reported sale price of the company's common stock on The Nasdaq Global Select Market on June 18, 2019).</font><font style="display: inline;font-size:10pt;"> The conversion rate will be subject to adjustment upon the occurrence of certain </font><font style="display: inline;font-size:10pt;">events. In addition, the Company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the Company&#x2019;s calling the Notes for redemption. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">On and after </font><font style="display: inline;font-size:10pt;">July </font><font style="display: inline;font-size:10pt;">1, 202</font><font style="display: inline;font-size:10pt;">2</font><font style="display: inline;font-size:10pt;">, and prior to the maturity date, the Company may redeem all, but not less than all, of the Notes for cash if the sale price of the Company&#x2019;s common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the Notes will have the right, at their option, to require the Company to repurchase their Notes in cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. </font>
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			<font style="display: inline;font-size:10pt;">The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, the following: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Indenture, the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare the principal and accrued interest on all the Notes immediately due and payable.</font><font style="display: inline;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;">Item 2.03.&nbsp; </font><font style="display: inline;font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance She</font><font style="display: inline;font-weight:bold;">et Arrangement of a Registrant.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;font-size:10pt;">The information disclosed in Item 1.01 is incorporated by reference into this Item 2.03.</font>
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			<font style="display: inline;font-weight:bold;">Item 3.02.&nbsp; </font><font style="display: inline;font-weight:bold;">Unregistered Sales of Equity Securities</font><font style="display: inline;font-weight:bold;">.</font>
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			<font style="display: inline;font-size:10pt;">The information disclosed in Item 1.01 is incorporated by reference into this Item 3.02. </font>
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			<font style="display: inline;font-size:10pt;">The Company offered and sold the Notes to the initial purchasers for cash in reliance on an exemption from registration under the Securities Act of 1933, as amended (the &#x201C;</font><font style="display: inline;font-size:10pt;">Securities Act</font><font style="display: inline;font-size:10pt;">&#x201D;) provided by Section 4(a)(2) of the Securities Act.&nbsp;&nbsp;The initial purchasers then resold the Notes for cash equal to 100% of the aggregate principal amount thereof to qualified institutional buyers (as defined in Rule 144A under the Securities Act) in reliance on an exemption from registration under the Securities Act provided by Rule 144A under the Securities Act. </font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item 8.01.&nbsp;&nbsp;Other Events.</font>
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			<font style="display: inline;font-size:10pt;">On June 21, 2019, the Company issued a press release announcing the closing of the sale of the Notes. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item 9.01.&nbsp;&nbsp;Financial Statements and Exhibits.</font>
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			<font style="display: inline;color:#000000;"> (d)&nbsp;&nbsp;Exhibits. The following exhibits are filed as part of this report.</font>
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						<font style="display: inline;font-weight:bold;">Exhibit No.</font></p>
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						<font style="display: inline;">4</font><font style="display: inline;">.1</font></p>
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						<a href="gpre-20190621xex4_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Indenture relating to the 4.00% Convertible Senior Notes due 2024, dated as of June 21, 2019, between Green Plains Inc. and Wilmington Trust, National Association, including the form of Global Note attached as Exhibit A thereto.</font></a></p>
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						<a href="gpre-20190621xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Press Release, dated June 21, 2019.</font></a></p>
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			<a name="OLE_LINK2"></a><font style="display: inline;font-weight:bold;color:#000000;">SIGNATURES</font>
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			<font style="display: inline;color:#000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on </font><font style="display: inline;color:#000000;">its behalf by the undersigned hereunto duly authorized.</font>
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						<font style="display: inline;">Date: </font><font style="display: inline;">June </font><font style="display: inline;">21</font><font style="display: inline;">, 2019</font></p>
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						<font style="display: inline;font-weight:bold;">Green Plains Inc.</font></p>
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						<font style="display: inline;">By: </font><a name="OLE_LINK6"></a><font style="display: inline;"> /s/ </font><font style="display: inline;">Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;font-style:italic;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-style:italic;"> &nbsp;&nbsp;&nbsp; </font><font style="display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Michelle Mapes</font><br /><font style="display: inline;">Chief Legal &amp; Administration Officer and Corporate Secretary</font></p>
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{"company-data": {"conformed-name": "Green Plains Inc.", "cik": "0001309402", "assigned-sic": "2860", "irs-number": "841652107", "state-of-incorporation": "IA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32924", "film-number": "19910015"}, "business-address": {"street1": "1811 AKSARBEN DRIVE", "city": "OMAHA", "state": "NE", "zip": "68106", "phone": "402-884-8700"}, "mail-address": {"street1": "1811 AKSARBEN DRIVE", "city": "OMAHA", "state": "NE", "zip": "68106"}, "former-company": [{"former-conformed-name": "Green Plains Renewable Energy, Inc.", "date-changed": "20100106"}, {"former-conformed-name": "GREEN PLAINS RENEWABLE ENERGY, INC.", "date-changed": "20060314"}, {"former-conformed-name": "Green Plains Renewable Energy, Inc.", "date-changed": "20041123"}]}
Form 8-K - Closing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
﻿
FORM 8-K
﻿
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
﻿
﻿
﻿
﻿
Date of Report (Date of earliest event reported)
June
21
, 2019
﻿
GREEN PLAINS INC
.
(Exact name of registrant as specified in its charter)
﻿
Iowa
(State or other jurisdiction of incorporation)
﻿
﻿
﻿
001-32924
84-1652107
(Commission file number)
(IRS employer identification no.)
1811 Aksarben Drive, Omaha, Nebraska
68106
(Address of principal executive offices)
(Zip code)
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(402) 884-8700
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.001 per share
GPRE
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item
1.
01
.
Entry into a Material Definitive Agreement.
On June 21, 2019, Green Plains Inc. (the "
Company
") entered into an indenture (the "
Indenture
") between the Company and Wilmington Trust, National Association, as trustee (the "
Trustee
"), in connection with the closing of its private offering of $105.0 million aggregate principal amount of the Company's 4.00% Convertible Senior Notes due 2024 (the "
Notes
"). The Notes were sold at 100% of par, resulting in estimated net proceeds to the Company, after deducting the initial purchasers' discounts and commissions and the Company's estimated offering expenses, of approximately $101 million.
The Company has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $20.0 million aggregate principal amount of notes.
The company used approximately $40 million of the net proceeds from the offering to repurchase approximately 3.2 million shares of common stock concurrently with the offering in privately negotiated transactions. The company also used approximately $57.8 million of the net proceeds to repurchase the outstanding $56.8 million outstanding principal amount of its 3.25% convertible senior notes due October 1, 2019, including accrued and unpaid interest, in privately negotiated transactions co
ncurrently with this offering.
The remaining proceeds will be used for general corporate purposes.
A copy of the Indenture and the form of global note representing the Notes, which is Exhibit A to the Indenture, are attached hereto as Exhibit 4.1, which is incorporated herein by reference in this Item 1.01. The descriptions of the Indenture and of the Notes contained in this report are summaries and, in each case, are qualified in their entirety by the terms of the Indenture and the Notes.
The Notes are senior, unsecured obligations of the Company, with interest payable on
January
1 and
July
1 of each year, beginning
January 1, 2020, at a rate of 4.00
% per annum. The Notes will mature on
July
1, 202
4
, unless earlier converted, redeemed or repurchased. The Notes will be convertible, at the option of the holders, into consideration consisting of, at the Company's election, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock until the close of business on the scheduled trading day immediately preceding the maturity date. However, before
January 1, 2024
, the Notes will not be convertible unless certain conditions are satisfied. The initial conversion rate will be
64.1540
shares of the Company's common stock per $1,000 principal amount of Notes (which is
equivalent to an initial conversion price of approximately $15.59 per share of the company's common stock, representing an approximately 25.0% premium over the last reported sale price of the company's common stock on The Nasdaq Global Select Market on June 18, 2019).
The conversion rate will be subject to adjustment upon the occurrence of certain
events. In addition, the Company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the Company's calling the Notes for redemption.
On and after
July
1, 202
2
, and prior to the maturity date, the Company may redeem all, but not less than all, of the Notes for cash if the sale price of the Company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the Notes will have the right, at their option, to require the Company to repurchase their Notes in cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, the following: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Indenture, the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare the principal and accrued interest on all the Notes immediately due and payable.
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Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance She
et Arrangement of a Registrant.
The information disclosed in Item 1.01 is incorporated by reference into this Item 2.03.
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Item 3.02.
Unregistered Sales of Equity Securities
.
The information disclosed in Item 1.01 is incorporated by reference into this Item 3.02.
The Company offered and sold the Notes to the initial purchasers for cash in reliance on an exemption from registration under the Securities Act of 1933, as amended (the "
Securities Act
") provided by Section 4(a)(2) of the Securities Act.  The initial purchasers then resold the Notes for cash equal to 100% of the aggregate principal amount thereof to qualified institutional buyers (as defined in Rule 144A under the Securities Act) in reliance on an exemption from registration under the Securities Act provided by Rule 144A under the Securities Act.
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Item 8.01.  Other Events.
On June 21, 2019, the Company issued a press release announcing the closing of the sale of the Notes. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01.  Financial Statements and Exhibits.
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(d)  Exhibits. The following exhibits are filed as part of this report.
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Exhibit No.
Description of Exhibit
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4
.1
Indenture relating to the 4.00% Convertible Senior Notes due 2024, dated as of June 21, 2019, between Green Plains Inc. and Wilmington Trust, National Association, including the form of Global Note attached as Exhibit A thereto.
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99.1
Press Release, dated June 21, 2019.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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Date:
June
21
, 2019
Green Plains Inc.
By:
/s/
Michelle Mapes
Michelle Mapes
Chief Legal & Administration Officer and Corporate Secretary
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