Page 104 - New8814 GP 2011_AR-fnl

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F-24
F-24
Leverage ratio – total liabilities divided by tangible net worth.
*Certain credit agreements allow for the inclusion of equity contributions from the parent company in the
calculations of the debt service and fixed charge coverage ratios.
Ethanol Production Segment
Loan Repayment Terms
Term Loans –
o
Scheduled principal payments are as follows:
Green Plains Bluffton
$0.6 million per month
Green Plains Central City
$0.4 million per month
Green Plains Holdings II
$1.5 million per quarter
Green Plains Obion
$2.4 million per quarter
Green Plains Ord
$0.2 million per month
Green Plains Otter Tail
$0.4 million per month
Green Plains Shenandoah
$1.2 million per quarter
Green Plains Superior
$1.4 million per quarter
o
Final maturity dates (at the latest) are as follows:
Green Plains Bluffton
November 19, 2013
Green Plains Central City
July 1, 2016
Green Plains Holdings II
January 1, 2015
Green Plains Obion
August 20, 2014
Green Plains Ord
July 1, 2016
Green Plains Otter Tail
September 1, 2018
Green Plains Shenandoah
May 20, 2013
Green Plains Superior
July 20, 2015
o
Each term loan, except for the Green Plains Holdings II and Green Plains Otter Tail term loans, has a
provision that requires the respective subsidiary to make annual special payments equal to a percentage
ranging from 65% to 75% of the available free cash flow from the related entity’s operations (as defined in
the respective loan agreements), subject to certain limitations and provided that if such payment would
result in a covenant default under the respective loan agreements, the amount of the payment shall be
reduced to an amount which would not result in a covenant default.
o
As of December 31, 2011, free cash flow payments are discontinued when the aggregate of such future
payments meets the following amounts:
Green Plains Bluffton
$15.0 million
Green Plains Central City and
Green Plains Ord combined
$16.0 million
Green Plains Obion
$10.1 million
Green Plains Shenandoah
$ 2.1 million
Green Plains Superior
$10.0 million
o
Free cash flow payments currently are not to exceed the following amounts in any given year:
Green Plains Bluffton
$4.0 million
Green Plains Central City and
Green Plains Ord combined
$4.0 million
Green Plains Obion
$8.0 million
Green Plains Shenandoah
$2.5 million