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HIGHWATER ETHANOL, LLC

(HEOL)
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HIGHWATER ETHANOL LLC : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

03/22/2021 | 01:28pm EDT

Item 1.01 Entry Into a Material Definitive Agreement

On March 22, 2021 (dated effective March 15, 2021), Highwater Ethanol, LLC, (the "Company") and Compeer Financial, PCA f/k/a AgStar Financial Services, PCA, as administrative agent, ("Compeer"), executed a Third Amended and Restated Credit Agreement (the "Third Amendment"), which amends and restates the Second Amended and Restated Credit Agreement dated January 22, 2016. In connection therewith, as of the same date, the Company executed a Revolving Line of Credit Note with Compeer and a Revolving Line of Credit Note with AgCountry Farm Credit Services, PCA. The primary purpose of the Third Amendment was to add a Revolving Line of Credit in an amount equal to the amount of the Borrowing Base, with a maximum limit of $10,000,000, to be used for working capital or ongoing operating expenses. The Borrowing Base will vary and may at times be less than $10,000,000. The Revolving Line of Credit Loan expires on March 15, 2022 and accrues interest at the one-month LIBOR rate plus 325 basis points with no minimum interest rate. Monthly interest payments are due on the Revolving Line of Credit Loan. The Company will be charged an unused commitment fee on the average daily unused portion of the commitment at the rate of 50 basis points on a per annum basis payable quarterly. The Company paid a commitment fee in the amount of $25,000 in connection with the Revolving Line of Credit Loan.

The Third Amendment also amends the restrictions related to the Company's ability to make distributions to members. The Third Amendment provides that the Company is allowed to make distributions to members as frequently as monthly in an amount equal to 75% of net income if working capital is greater than or equal to $8,250,000, or 100% of net income if working capital is greater than or equal to $11,000,000, or an unlimited amount if working capital is greater than or equal to $11,000,000 and the outstanding balance on the 2020 Term Loan is $0.00.

Item 9.01 Financial Statements and Exhibits

(a)None.

(b)None.

(c)None.

(d)Exhibits

Exhibit No.      Description

99.1 Third Amended and Restated Credit Agreement between Highwater Ethanol, LLC and Compeer Financial, PCA, as administrative agent, dated March 15, 2021

99.2 Revolving Line of Credit Note between Highwater Ethanol, LLC and Compeer Financial, PCA dated March 15, 2021

99.3 Revolving Line of Credit Note between Highwater Ethanol, LLC and AgCountry Farm Credit Services, PCA dated March 15, 2021

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Financials (USD)
Sales 2020 97,3 M - -
Net income 2020 -6,37 M - -
Net Debt 2020 13,8 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 29,9 M 29,9 M -
EV / Sales 2019 0,49x
EV / Sales 2020 0,43x
Nbr of Employees 43
Free-Float 86,2%
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Managers and Directors
Brian D. Kletscher Chief Executive Officer
Lucas G. Schneider Chief Financial Officer
David Gerald Moldan Chairman-Governors Member
Rachel Imker Head-Human Resources & Administration
Russell Jon Derickson Independent Member-Governors Board
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