SOUTH DAKOTA SOYBEAN PROCESSORS LLC (SDSYA): debt financing — South Dakota Soybean Processors enters amended credit agreement with CoBank for new $90M term note

SOUTH DAKOTA SOYBEAN PROCESSORS LLC

Entered Amended and Restated Credit Agreement with CoBank on September 20, 2023, amending prior 2016 agreement and creating a new multiple advance term note.
New Advance Term Note allows borrowing up to $90 million until August 1, 2024, for investment in High Plains Partners, LLC for a new multi-seed processing facility in Mitchell, SD.
Minimum working capital covenant increased from $15 million to $17 million; semi-annual repayments on $12 million revolving note reduced from $2 million to $600,000.
Debt service coverage ratio remains at 1.2 to 1 with revised definition to accommodate higher annual debt payments.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SOUTH DAKOTA SOYBEAN PROCESSORS LLC incurred credit facility of up to $90 million with CoBank, ACB at variable rate option set daily by CoBank; fixed rate option available maturing semi-annual payments of $4.5 million begin October 20, 2024; borrowing available until August 1, 2024.

Instrument: credit facility
Principal: up to $90 million
Counterparty: CoBank, ACB
Rate: variable rate option set daily by CoBank; fixed rate option available
Maturity: semi-annual payments of $4.5 million begin October 20, 2024; borrowing available until August 1, 2024
Event: incurrence

Exact text from the filing

Under the Advance Term Note, we may borrow up to $90 million until August 1, 2024, the proceeds of which are to used to finance our investment in High Plains Partners, LLC.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SOUTH DAKOTA SOYBEAN PROCESSORS LLC amended revolving credit of $12 million with CoBank, ACB at variable rate option set daily by CoBank; fixed rate option available maturing semi-annual repayments decrease from $2 million to $600,000 starting September 20, 2023; under Restated Revolving Note.

Instrument: revolving credit
Principal: $12 million
Counterparty: CoBank, ACB
Rate: variable rate option set daily by CoBank; fixed rate option available
Maturity: semi-annual repayments decrease from $2 million to $600,000 starting September 20, 2023; under Restated Revolving Note
Event: amendment

Exact text from the filing

Under the Restated Revolving Note, the semi-annual repayments on our $12 million loan decrease from $2 million to $600,000 starting on September 20, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOUTH DAKOTA SOYBEAN PROCESSORS LLC amended Amended and Restated Credit Agreement with CoBank, ACB (effective 2023-09-20).

Action: amendment
Agreement: credit facility
Counterparty: CoBank, ACB
Effective: 2023-09-20

Exact text from the filing

On September 20, 2023, we entered into an Amended and Restated Credit Agreement ("Restated Credit Agreement") with our lender, CoBank, ACB of Greenwood Village, Colorado, which amends and restates our existing Credit Agreement dated December 28, 2016

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Source: SEC EDGAR

accession 0001163609-23-000041

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