U. S. Premium Beef, LLC: debt financing — US Premium Beef amends promissory note to Daily Simple SOFR plus 2.100% margin with CoBank

U. S. Premium Beef, LLC

Amendment dated July 6, 2023 to Amended and Restated Revolving Term Promissory Note with CoBank.
Interest rate changed to Daily Simple SOFR plus a margin of 2.100% per annum.
All other terms, representations, and covenants of the original promissory note remain unchanged.
Amendment reflects transition from LIBOR-based to SOFR-based pricing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

U. S. Premium Beef, LLC amended revolving credit with CoBank, ACB at Daily Simple SOFR Margin (as defined in the Amendment) plus the higher of zero p.

Instrument: revolving credit
Counterparty: CoBank, ACB
Rate: Daily Simple SOFR Margin (as defined in the Amendment) plus the higher of zero p
Event: amendment

Exact text from the filing

On July 6, 2023, U.S. Premium Beef, LLC (“USPB”) and CoBank, ACB (“CoBank”) entered into an Amendment to Amended and Restated Revolving Term Promissory Note (the “Amendment”). The Amendment amends and restates Section 5 of the Amended and Restated Revolving Term Promissory Note Number 00001544T01 dated July 13, 2020 between USPB and CoBank to provide for an interest rate equal to the Daily Simple SOFR Margin (as defined in the Amendment) plus the higher of zero percent (0.00%) and Daily Simple SOFR (as defined in the Amendment).

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Source: SEC EDGAR

accession 0001683168-23-004757

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