Green Plains Partners Reduces Quarterly Distribution
Green Plains Partners LP - Common Units (GPP)
Last green plains partners lp - common units earnings: 2/10 05:01 pm
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US:NASDAQ Investor Relations:
ir.greenplainspartners.com
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Source: GlobeNewswire
OMAHA, Neb., April 16, 2020 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) announced today that the board of directors of its general partner reduced the quarterly cash distribution by 75% to $0.12 per unit on all of its outstanding common units, or $0.48 per unit on an annualized basis, for the first quarter of 2020. This reduction will free up approximately $33.8 million annually, which the company intends to use to reduce debt. The distribution is payable on May 8, 2020, to unitholders of record at the close of business on May 1, 2020. “We believe this decision by our board of directors will strengthen our balance sheet for the benefit of all stakeholders and create long term value for our unit holders,” said Todd Becker, president and chief executive officer of Green Plains Partners. “We are currently working with our existing lender group to extend our credit line which will likely include a change to overall commitment levels and pricing, as well as require princip
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