On September 20, 2023, South Dakota Soybean Processors, LLC entered into an Amended and Restated Credit Agreement with lender, CoBank, ACB of Greenwood Village, Colorado, which amends and restates Company's existing Credit Agreement dated December 28, 2016, amends and restates Company's revolving term note dated April 27, 2022 ("Restated Revolving Note"), and creates a new multiple advance term note. Under the Restated Credit Agreement, Company's minimum working capital covenant is increased from $15 million to $17 million, Company's debt service coverage-ratio remains at 1.2 to 1 but the definition is revised to accommodate an increase in annual debt payments, and Company's is permitted to invest up to $110 million into High Plains Partners, LLC, a subsidiary which is part of a joint venture to construct and operate a new multi-seed processing facility in Mitchell, South Dakota. All other material items and conditions under the restated credit agreement dated December 28, 2016, remain the same following the Restated Credit Agreement.

Under the Restated Revolving Note, the semi-annual repayments on Company's $12 million loan decrease from $2 million to $600,000 starting on September 20, 2023. All other material items and conditions under the revolving term note dated April 27, 2022, remain the same following the Restated Revolving Term Note. Under the Advance Term Note, Company's may borrow up to $90 million until August 1, 2024, the proceeds of which are to used to finance Company's investment in High Plains Partners, LLC.

Semi-annual payments of $4.5 million will begin on October 20, 2024, and interest will accrue under a variable rate option which is set daily by CoBank. Company also have a fixed rate option if Company's desire to elect.