GPP - Green Plains Partners: Solid Progress But The Key Risk Remains For Now
- Green Plains Partners managed to navigate the turmoil of 2020 with little impact to their financial performance.
- They are still nevertheless walking a proverbial tight rope with the repayment terms of their credit facility choking their finances.
- Their upcoming $27m asset sale will certainly help buy them more breathing room, but nevertheless they will require either further asset sales or refinancing before maturity in December 2021.
- Thankfully, their leverage has now fallen into the low territory and thus will help smooth out the refinancing process.
- Until such time as their liquidity credit facility is actually refinanced, I will be continuing my neutral rating.
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Green Plains Partners: Solid Progress But The Key Risk Remains For Now