Green Plains Opts for Long-term Financing: Green Plains Extends Convertible Notes to 2030 - Shares Drop Sharply

Omaha (USA) – U.S. biofuel producer Green Plains Inc. has announced a comprehensive refinancing of its debt structure. The company is exchanging the majority of its existing 2.25% convertible notes maturing in 2027 for new, higher-yielding 5.25% convertible notes with a maturity date in November 2030.

A total of $170 million of the old convertible notes will be converted into new securities. Additionally, Green Plains is issuing new convertible notes amounting to $30 million. The company intends to use the proceeds to repurchase approximately 2.9 million of its own shares for about $30 million. The transactions are expected to close on October 27, 2025.

With the maturity extension, Green Plains aims to secure financial flexibility and reduce the risk of unfavorable refinancing in the current interest rate environment. Despite higher interest costs, the company thereby gains planning security for investments in expanding its biorefining and CO? capture projects. At the same time, the move is intended to signal confidence in its earnings power and the stability of future cash flows.

Upon completion, $200 million of the 2030 convertible notes will be outstanding, while $60 million of the old 2027 convertible notes will remain outstanding under unchanged terms. The initial conversion rate is 63.6132 shares per $1,000 principal amount, corresponding to a conversion price of $15.72 per share – approximately 50 percent above the last Nasdaq closing price on October 21.

The transaction, according to Green Plains, is conducted in a private placement and is not to be considered a public offering.

Green Plains’ shares dropped sharply by 9.2 percent to €8.99 in yesterday’s trading (October 22, 2025, closing price, Stuttgart Stock Exchange). The price decline mainly reflects dilution concerns, as the issuance of new convertible notes could potentially increase the number of shares upon conversion. Additionally, worries about higher financing costs and uncertainties regarding the company’s financial condition are reflected in the share price drop.

Source: IWR Online, 23 Oct 2025