Green Plains Partners L.P. (NASDAQ: GPP) has seen its quiet period after the initial public offering (IPO) expire, which allows the analysts who work for the underwriting syndicate firms to initiate coverage.

The IPO came at the end of June and was for 10,000,000 common units, representing limited partner interests, at a price to the public of $15.00 per common unit. Green Plains Partners also granted the underwriters an option to purchase up to an additional 1,500,000 common units.

Green Plains Partners is a limited partnership that was formed by its parent, Green Plains Inc. (NASDAQ: GPRE), to provide ethanol and fuel storage, and terminal and transportation services via ethanol and fuel storage tanks, terminals and transportation assets.

Barclays, Bank of America Merrill Lynch, Credit Suisse, Macquarie Capital and RBC Capital Markets were the joint book-running managers for the IPO. Co-managers were listed as Baird, Raymond James, Stephens and Stifel. Green Plains Partners was started in new coverage as follows:

• Barclays, at Overweight and a $21 price target
• Merrill Lynch, at Buy with a $21 price objective
• Credit Suisse, at Outperform and a $20 price target
• Macquarie, at Neutral with a $16 price target
• Raymond James, at Strong Buy with a $22 price target
• R.W. Baird, at Outperform and a $22 price target
• RBC Capital Markets, at Outperform and an $18 price target
• Stephens, at Overweight with a $22 price target
• Stifel, at Buy and a $17 price target

The units of Green Plains Partners were seen up 4.5% at $15.82 in early afternoon trading on Tuesday. Its post-IPO range has been $13.41 to $16.29, and the first day of trading had a closing price of $15.00 on almost 7.3 million units.

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As far as what this master limited partnership represents and how to evaluate the entity, the release ahead of the IPO said:

The common units being offered to the public represent an approximate 30.8% limited partner interest in Green Plains Partners, or an approximate 35.5% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.

Green Plains Inc. (Nasdaq:GPRE) and certain of its subsidiaries will own the remaining limited partner interest in Green Plains Partners as well as its 2.0% general partner interest and its Incentive Distribution Rights. Green Plains Partners intends to use the proceeds from this offering to make a distribution to Green Plains Inc., to pay origination fees under a new revolving credit facility, and for general partnership purposes.

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