UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 23, 2018
South Dakota Soybean Processors, LLC |
(Exact name of registrant as specified in its charter) |
South Dakota | 000-50253 | 46-0462968 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
100 Caspian Ave. PO Box 500 Volga, South Dakota | 57071 | |
(Address of principal executive offices) | (Zip Code) | |
(605) 627-9240 |
(Registrant's telephone number, including area code) |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 1.01 Entry into a Material Definitive Agreement.
On November 23, 2018, we entered into an Amended and Restated Revolving Credit Promissory Note ("Restated Seasonal Note") with our lender, CoBank, ACB, of Greenwood Village, Colorado. See Item 2.03, the text of which is herein incorporated by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On November 23, 2018, we entered into the Restated Seasonal Note with our lender, CoBank, ACB. Under the Restated Seasonal Note, the principal amount that we may borrow will remain unchanged at $20 million until the loan's maturity on October 1, 2019. Advances on the seasonal loan will also remain secured but are no longer limited to qualifying inventory and accounts receivable, net of accrued commodity purchases.
All other material items and conditions under the seasonal loan, the Credit Agreement with CoBank dated December 28, 2016 to which the Restated Seasonal Note is subject and subsequent amendments remain the same following this amendment. The Restated Seasonal Note will be filed as an exhibit in our next periodic report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC | ||
Dated: November 26, 2018 | /s/ Mark Hyde | |
Mark Hyde, Chief Financial Officer | ||