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SOUTH DAKOTA SOYBEAN PROCESSORS LLC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

August 7, 2014



Item 1.01 Entry into a Material Definitive Agreement. On August 5, 2014, we entered into an amendment of the Master Loan Agreement 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 August 5, 2014, we entered into an amendment of the Master Loan Agreement with our lender, CoBank, ACB, the terms of which affect our seasonal loan, revolving long-term loan, and covenants. Under the seasonal loan, the amount that we may borrow is decreased from $50 million to $40 million until it matures on August 1, 2015. Advances on the seasonal loan are secured and limited to qualifying inventory and accounts receivable, net of accrued commodity purchases. In addition, the amount we may distribute to our members without the prior written consent of CoBank is increased from 50% to 75% of consolidated net income of the prior fiscal year. All other material items and conditions under the Master Loan Agreement and subsequent amendments remain the same following this amendment. The amendment to the Master Loan Agreement and amendments to related agreements will be filed as exhibits in our next quarterly report.


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Source: Edgar Glimpses


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