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Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | ‎ 23. SUBSEQUENT EVENTS BlackRock Note Facility On February 9, 2021, Green Plains SPE LLC, a wholly owned subsidiary of the company and a special purpose entity (the Issuer) completed a $125.0 million, 5-year mezzanine note facility with funds and accounts managed by BlackRock. The proceeds will be used initially to support the construction and deployment of Ultra-High Protein technology and production at the Obion, Tennessee and Mount Vernon, Indiana facilities. The junior secured mezzanine notes will mature on February 9, 2026 and are secured via first lien in the membership interests and real property of Green Plains Obion LLC and Green Plains Mount Vernon LLC. The Notes accrue interest at an annual rate of 11.75%. The Issuer may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Pursuant to the Indenture, the Issuer is required to comply with certain financial covenants regarding minimum liquidity and a maximum aggregate loan to value. The Notes can be retired or refinanced after 42 months with no prepayment premium. The Notes are guaranteed by the Company and have certain limitations on distributions, dividends or loans to Green Plains unless there will not exist any event of default. The Indenture provides for customary events of default. Additionally, as part of the transaction, BlackRock acquired 2,000,000 warrants for Green Plains stock (each warrant equal to one share of stock) with a strike price of $22.00 per share, which expire on February 9, 2026. Disposition of Ord Ethanol Plant On January 25, 2021, the company entered into an Asset Purchase Agreement to sell its ethanol plant located in Ord, Nebraska to GreenAmerica Biofuels Ord LLC. The transaction involves the disposition of 65 million gallons of nameplate capacity, and is being sold for $64.0 million, plus an estimated $6.0 million of related working capital. Correspondingly, the partnership entered into an Asset Purchase Agreement to sell its storage assets located adjacent to the Ord plant to the company for $27.0 million, which will be used to pay down debt, along with the transfer of associated railcar operating leases. As part of this transaction, upon closing, the quarterly storage and throughput minimum volume commitment with Green Plains Trade will be reduced to 217.7 mmg per quarter and the storage and throughput agreement with Green Plains Trade will be extended an additional year to June 30, 2029. The transaction is anticipated to close within 45 days, subject to customary closing conditions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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