-----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, SPFniTuc089fNDebbaJQiFjXTb4uwacw7cCD2zlqi0o370+3EJyopSB3VzzMIhpr +CW4G1xpipAeUyrNghbsZw== 0001144204-10-029305.txt : 20100520 0001144204-10-029305.hdr.sgml : 20100520 20100520163452 ACCESSION NUMBER: 0001144204-10-029305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100518 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: 20100520 DATE AS OF CHANGE: 20100520 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: 10848267 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 v186040_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): May 18, 2010

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)

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 May 18, 2010, 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 May 18, 2010, we entered into an amendment of the Master Loan Agreement with our lender, CoBank, ACB of Greenwood, Colorado, for the purpose of amending our revolving working capital loan and revolving term loan. Under the revolving term loan, which is to provide working capital and funding for capital expenditures, the amount that we may borrow from CoBank is increased from $9.3 million to $16.8 million. While the amount available will continue to decrease by $1.3 million every six months, the next semi-annual payment scheduled for September 20, 2010 is waived, thus extending the term of the loan from September 20, 2013 to March 20, 2017. The variable interest rate under the loan is increased from LIBOR (One-Month LIBOR Index Rate) plus 3.25%, to LIBOR (One-Month LIBOR Index Rate) plus 3.60%. Under the revolving working capital loan, which is to finance inventory and receivables, the maturity is extended from August 1, 2010 to July 1, 2011, and the variable interest rate is increased from LIBOR (One-Month LIBOR Index Rate) plus 3.0% to LIBOR (One-Month LIBOR Index Rate) plus 3.35%.

All other material terms and conditions under the Master Loan Agreement and related agreements remain the same following these amendments. The amendments to the Master Loan Agreement and related agreements 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:   May 20, 2010
 /s/ Rodney Christianson
 
Rodney Christianson, Chief Executive Officer

 
 
 
 
 
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