Southwest Iowa Renewable Energy, Llc Enters into Amendment No. 7 to the Credit Agreement with Farm Credit Services of America, FLCA , Farm Credit Services of America, PCA and Cobank, ACB
November 04, 2021 at 11:23 am EDT
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Effective October 29, 2021, Southwest Iowa Renewable Energy, LLC entered into Amendment No. 7 to the Credit Agreement with Farm Credit Services of America, FLCA (? FLCA?), Farm Credit Services of America, PCA (? PCA?) and CoBank, ACB (? CoBank?), to amend the Company?s existing Credit Agreement dated as of June 24, 2014, as amended by Amendment No. 1 dated as of February 11, 2015, Amendment No. 2 dated as of February 11, 2015, Amendment No. 3 dated as of January 25, 2016, Amendment No. 4 dated as of November 14, 2019, Amendment No. 5 dated as of February 26, 2021, and Amendment No. 6 dated as of July 30, 2021 (collectively the ? Credit Agreement?). The Seventh Amendment amends the Credit Agreement to amend and restate the Company?s First Amended and Restated Revolving Credit Note dated as of July 30, 2021 (the ? Existing Revolving Credit Note?) in its entirety, replacing it with the Second Amended and Restated Revolving Credit Note dated as of October 29, 2021 (the ? Restated Revolving Credit Note?). The Restated Revolving Credit Note extends the maturity date of the Existing Revolving Credit Note to February 1, 2022. Except as set forth in the Seventh Amendment and the Restated Revolving Credit Note, all other terms of the Credit Agreement remain in full force and effect. The credit facility continues to be secured by substantially all of the Company?s assets.
Southwest Iowa Renewable Energy, LLC is engaged in the production of ethanol. The Company sells its ethanol, distillers grains, corn condensed distillers soluble, distillers corn oil and carbon dioxide (CO2) in the continental United States, Mexico and the Pacific Rim. Its production facility (the Facility) is located in Pottawattamie County in southwestern Iowa, south of Council Bluffs. The principal purchasers of ethanol are wholesale gasoline marketers or blenders. The Company produces approximately 123.3 million and 127.0 million gallons of ethanol. It produces two forms of distillers grains, namely wet distillers grains with solubles (WDGS) and dried distillers grains with solubles (DDGS). The Company's system separates corn oil from the post-fermentation syrup stream as it leaves the evaporators of the ethanol plant. The corn oil is then routed to storage tanks, and the remaining concentrated syrup is routed to the plantâs syrup tank.
Southwest Iowa Renewable Energy, Llc Enters into Amendment No. 7 to the Credit Agreement with Farm Credit Services of America, FLCA , Farm Credit Services of America, PCA and Cobank, ACB
SOUTHWEST IOWA RENEWABLE ENERGY, LLC 
