South Dakota Soybean Processors, Llc Enters into Restated Seasonal Note and Restated Revolving Term Note
January 29, 2020 at 08:34 am EST
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South Dakota Soybean Processors, LLC on January 27, 2020, entered into the Restated Seasonal Note and Restated Revolving Term Note with lender, CoBank, ACB. Under the Restated Seasonal Note, the principal amount that the company may borrow is increased from $20 million to $28 million until the loan's maturity on December 1, 2020. Under the Restated Revolving Term Note, the amount that the company may borrow to fund working capital and capital expenditures is increased from $16 million to $26 million. The amount available for borrowing, however, will decrease by $2 million every six months beginning on March 20, 2020, with a scheduled balloon payment for the remaining balance on the loan's maturity date of September 20, 2023.
South Dakota Soybean Processors, LLC is an owner and operator of two soybean processing plant and a soybean oil refinery in the state of South Dakota. The Company also owns and operates a small oilseed processing plant near Miller, South Dakota. The Companyâs core business consists of processing locally grown soybeans into soybean meal and soybean oil. It sells the soybean meal primarily to resellers, feed mills, and livestock producers as livestock feed. It markets and sells multiple grades of soybean oil in either crude or refined format. Crude and refined soybean oil are marketed and sold to the food, biodiesel and chemical industries. It also markets and sells contracting services for the construction and management of oilseed processing plants. Its soybean meal is primarily sold to resellers, feed mills, and livestock producers as livestock feed. The meal is primarily sold to customers in the local area (within 200 miles of its Volga plant), Western United States, and Canada.
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC 
