Green Plains Renewable Energy, Inc. Completes Placement Of 5.75% Convertible Senior Notes Due 2015

OMAHA, Neb., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) (the "Company") announced today the completion of its private placement of $90 million aggregate principal amount of 5.75% convertible senior notes due 2015 (the "notes"). This includes the purchase of $15 million aggregate principal amount of notes by the initial purchasers to cover over-allotments. The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, by the initial purchasers of the notes.

The notes will mature on November 1, 2015 and will bear interest at a fixed rate of 5.75% per year, payable on May 1 and November 1 of each year, beginning May 1, 2011. The notes will be general senior, unsecured obligations of the Company. On and after November 1, 2013, and prior to the maturity date, the Company may redeem the notes for cash if the sale price of the Company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the notes will have the right, at their option, to require the Company to repurchase their notes in cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The notes are convertible into shares of the Company's common stock and cash in lieu of fractional shares until the close of business on the business day immediately preceding the maturity date. The initial conversion rate is 69.7788 shares of the Company's common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $14.33 per share of the Company's common stock. The conversion rate will be subject to adjustment upon the occurrence of certain events affecting the Company's common stock outstanding, such as stock splits and dividends among other things. In addition, the Company may be obligated to increase the conversion rate in connection with any conversion that occurs in connection with certain corporate events, including the Company's calling the notes for redemption.