-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KLo5uBV/bC01Kgc1nMEnClvqsG/vM3J9ZX5mSyd2IoLNWgTa7qmo9PugEaZpxuMS 0Q1U0kLW4F5HT4D4dJB+dw== 0001144204-08-071758.txt : 20081231 0001144204-08-071758.hdr.sgml : 20081231 20081231145129 ACCESSION NUMBER: 0001144204-08-071758 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20081224 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20081231 DATE AS OF CHANGE: 20081231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTH DAKOTA SOYBEAN PROCESSORS LLC CENTRAL INDEX KEY: 0001163609 STANDARD INDUSTRIAL CLASSIFICATION: FATS & OILS [2070] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50253 FILM NUMBER: 081278726 BUSINESS ADDRESS: STREET 1: 100 CASPIAN AVE. STREET 2: P.O. BOX 500 CITY: VOLGA STATE: SD ZIP: 57071 BUSINESS PHONE: 6056279240 MAIL ADDRESS: STREET 1: 100 CASPIAN AVE. STREET 2: P.O. BOX 500 CITY: VOLGA STATE: SD ZIP: 57071 FORMER COMPANY: FORMER CONFORMED NAME: SOYBEAN PROCESSORS LLC DATE OF NAME CHANGE: 20011213 8-K 1 v136005_8k.htm
 
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): December 24, 2008

South Dakota Soybean Processors, LLC
(Exact name of Registrant as specified in its charter)

South Dakota
000-50253
46-042968
(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)

Registrant’s telephone number, including area code: (605) 647-9240

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 December 24, 2008, South Dakota Soybean Processors, LLC (“we,” “our” or “us”) entered into an amendment of the Master Loan Agreement with its 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 December 24, 2008, we entered into an amendment of the Master Loan Agreement with our lender, CoBank, ACB. Under the amendment, the maturity date on the $40 million revolving working capital loan, the purpose of which is to finance our inventory and receivables, is extended to February 1, 2010. The interest rate on the working capital loan is subject to two options from which we may select at the time we request funds, a variable rate or fixed rate. The variable rate is based on LIBOR (One-Month LIBOR Index Rate) plus 2.75%, adjusted weekly. The fixed rate is based on a rate quoted by CoBank at its sole discretion. In addition, the interest rate on the revolving term loan, the purpose of which is to fund working capital, is subject to the same rate options as the revolving working capital loan. All other material items and conditions under the Master Loan Agreement and subsequent amendments remain the same following this amendment. The amendment 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:   December 31, 2008
  
/s/ Rodney Christianson
 
Rodney Christianson, Chief Executive Officer
   

 
 
 
 
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