Green Plains Partners LP, a Green Plains-backed MLP that owns ethanol transportation and storage assets, announced terms for its IPO on Tuesday.
The Omaha, NE-based company plans to raise $200 million by offering 10 million shares at a price range of $19 to $21. At the midpoint of the proposed range, it would command a market value of $649 million.
Parent Green Plains (NASDAQ: GPRE) commands a market cap of over $1.1 billion; the stock is up 26% year-to-date and 0.6% in the past year.
Green Plains Partners LP, which was formed in 2015 and booked $88 million in predecessor sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol GPP. Barclays, BofA Merrill Lynch, Credit Suisse, Macquarie Capital and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.
