March 9 (SeeNews) - US ethanol producer Green Plains Inc (NASDAQ:GPRE) said on Monday that a newly-formed downstream partnership has filed for an initial public offering (IPO) to raise up to USD 250 million (EUR 230m) gross.
More specifically, the newly-created subsidiary Green Plains Partners LP has submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC). The goal is to raise between USD 200 million and USD 250 million in gross proceeds from an offering of common units representing limited partner interests.
The new firm is expected to hold Green Plains' downstream ethanol transportation and storage assets, which are located in 12 states throughout the Midwest and Southeast US.
Green Plains noted that the date, number of common units to be sold and the price range for the transaction are not yet known. Market conditions will be considered when determining these factors, it added.
(USD 1.0 = EUR 0.920)