Benson Hill, Inc.: debt financing — Benson Hill sells Seymour facility for $36M, amends loan with March 2024 maturity, appoints permanent CEO

Benson Hill, Inc.

Sold Seymour, IN soybean crush facility to White River Soy Processing for ~$36M gross proceeds; ~30 employees transferred.
Fourth Amendment to loan: Maturity accelerated to March 1, 2024; prepayment fee set at 1%; final payment increased 500 bps.
Loan requires prepayment of net asset-sale proceeds and equity proceeds; must maintain $20M unrestricted cash after certain conditions.
Deanie Elsner appointed permanent CEO effective Oct 31, 2023; she had served as Interim CEO since June 2023.
Company shifts to asset-light model, expands into animal feed markets; expects >12 months liquidity after debt payoff.

item 1.01 item 2.03 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Adrienne Elsner

Chief Executive Officer

Benson Hill, Inc.

Effective: 2023-10-31
Filed: October 31, 2023, 7:59 PM ET

Effective October 31, 2023, the Board appointed Ms. Elsner as the Company’s Chief Executive Officer.

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

Benson Hill, Inc. amended credit facility with Avenue Capital Management II, L.P., as administrative agent and collateral agent maturing March 1, 2024.

Instrument: credit facility
Counterparty: Avenue Capital Management II, L.P., as administrative agent and collateral agent
Maturity: March 1, 2024
Event: amendment

Exact text from the filing

The Fourth Amendment amends the Loan and Security Agreement among the Borrowers, the Lenders, and the Agent entered into December 29, 2021

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Executive change SEC 8-K Item 5.02 confidence 1.0

Adrienne Elsner was appointed as Chief Executive Officer at Benson Hill, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Effective October 31, 2023, the Board appointed Ms. Elsner as the Company’s Chief Executive Officer.

View on SEC.gov

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

Benson Hill, Inc. entered into Asset Purchase Agreement with White River Soy Processing, LLC valued at approximately $36 million (effective 2023-10-31).

Action: entry
Agreement: asset purchase
Counterparty: White River Soy Processing, LLC
Value: approximately $36 million
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, Benson Hill Ingredients, LLC (“Ingredients”), a wholly-owned subsidiary of Benson Hill, Inc. (“Benson Hill” and, with Ingredients, “we,” “us,” “our,” or the “Company”) entered into an asset purchase agreement (the “Asset Purchase Agreement”) with White River Soy Processing, LLC (“White River”), pursuant to which, among other things, on October 31, 2023 (the “Closing”) Ingredients sold to White River the Company’s soybean processing facility located in Seymour, Indiana (the “Facility”), together with certain related assets, for approximately $36 million of total gross proceeds

View on SEC.gov

26 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001830210-23-000178

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