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Green Plains Partners LP (NASDAQ:GPP) has agreed to sell its ethanol storage and transportation assets at the Green Plains Ord facility for $27 million. This transaction includes a reduction of 14.75 million gallons per quarter in the minimum volume commitment. The assets will enable Green Plains to reduce its debt while reallocating proceeds toward its protein technology initiatives, aiming for enhanced throughput rates. The agreement is set to close within 45 days and includes adjustments to the storage services agreement.
Green Plains Partners LP (NASDAQ:GPP) has declared a quarterly cash distribution of $0.12 per unit, amounting to $0.48 annually for Q4 2020. This distribution is set to be paid on February 12, 2021, to unitholders recorded by February 5, 2021. All distributions to foreign investors will be subject to U.S. federal income tax withholding at the highest effective rate. Green Plains Partners focuses on providing fuel storage and transportation services.
Green Plains Partners LP (NASDAQ:GPP) announced the sale of its ethanol storage and transportation assets at the Hereford, Texas facility for $10 million. This sale includes a reduction in the minimum volume commitment by 3.25 million gallons per quarter. The proceeds will support debt repayment while maintaining company cash flow. The quarterly minimum commitment will be amended to 232.45 million gallons, about 91% of Green Plains Inc.'s production capacity. The transaction is expected to close within 30 days and has been approved by the board of directors.
Green Plains Partners LP (NASDAQ:GPP) reported a net income of $10.3 million, or $0.44 per common unit, for Q3 2020, up from $10.1 million in Q3 2019. Adjusted EBITDA reached $13.9 million with a distributable cash flow of $11.3 million.
The quarterly cash distribution was declared at $0.12 per unit, with a coverage ratio of 3.97x. However, biofuel throughput fell to 189.6 million gallons, missing the 235.7 million gallons minimum commitment, leading to a $2.4 million charge.
Green Plains Partners LP (NASDAQ:GPP) announced a quarterly cash distribution of $0.12 per unit for Q3 2020, totaling $0.48 annually. The distribution will be paid on November 13, 2020, to unitholders of record as of November 6, 2020. This serves as a qualified notice for nominees under Treasury Regulation Section 1.1446-4(b), with distributions to foreign investors subject to U.S. federal income tax withholding at the highest effective rate. Green Plains Partners provides fuel storage and transportation services.
Green Plains Partners LP (GPP) reported a net income of $10.2 million, or $0.43 per unit, for Q2 2020, down from $10.7 million in Q2 2019. The adjusted EBITDA was $13.2 million, a slight decrease from $13.9 million year-over-year. The partnership declared a quarterly cash distribution of $0.12 per unit, with a distribution coverage ratio of 3.99x. Revenues dropped by $0.4 million, impacted by decreased terminal services revenue. Debt refinancing of $135 million was completed, aiming for enhanced cash flow stability and reduced leverage.
Green Plains Partners LP (NASDAQ:GPP) announced a quarterly cash distribution of $0.12 per unit, amounting to an annualized $0.48, for Q2 2020. This distribution is set to be paid on August 7, 2020, to unitholders of record by July 31, 2020.
The press release also states that all distributions to foreign investors are subject to U.S. federal income tax withholding. Green Plains Partners focuses on fuel storage and transportation services through ownership and operation of relevant assets.
Green Plains Partners LP (NASDAQ: GPP) successfully refinanced its debt facility through Bank of America, effective June 4, 2020. This refinancing includes a $130 million term loan and a $5 million revolving credit facility, aimed at maintaining liquidity and financial stability. The partnership expects to repay the debt over 18 months, enhancing capital allocation for future distributions. The loan requires scheduled principal payments and is secured by the partnership's assets, maturing on December 31, 2021. The refinancing is viewed positively for stakeholders.
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