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Investing.com -- Green Plains Inc. (NASDAQ:GPRE) stock rose 8% after announcing plans to sell its Tennessee ethanol plant to POET for $190 million in cash, a move aimed at reducing debt and enhancing liquidity.
The Omaha-based biofuels producer said the sale of its Rives, Tennessee facility includes approximately $20 million in working capital, with proceeds earmarked to retire junior mezzanine debt due in 2026. The transaction is expected to close during the third quarter of 2025, subject to regulatory approvals and customary closing conditions.
"The sale of our Obion facility reflects our continued commitment to unlocking value for shareholders and strengthening our balance sheet," said Chris Osowski, Chief Executive Officer of Green Plains.
The company also announced the conclusion of its strategic review process that began in February 2024. After evaluating various alternatives, the Board of Directors determined that Green Plains would best deliver shareholder value by executing its current strategy under existing leadership.
BMO Capital Markets Corp. and Moelis & Company served as financial advisors for the transaction, with Vinson & Elkins acting as legal advisors to Green Plains.
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