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): October 14, 2010
South
Dakota Soybean Processors, LLC
(Exact
name of Registrant as specified in its charter)
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South
Dakota
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000-50253
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46-0462968
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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100
Caspian Ave. PO Box 500
Volga,
South Dakota
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57071
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(Address
of principal executive offices)
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(Zip
Code)
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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:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01 Entry
into a Material Definitive Agreement.
On
October 14, 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.
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Item
2.03.
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
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On
October 14, 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 (seasonal) loan. Under the amendment, the amount that
we may borrow from CoBank is increased from $30 million to $40 million. The
variable interest rate on the loan is also increased from LIBOR (One-Month LIBOR
Index Rate) plus 3.35% to LIBOR (One-Month LIBOR Index Rate) plus 3.85%. In
addition, our covenant for working capital is changed. Prior to the
amendment, our minimum working capital requirement was $7.5 million at the end
of each fiscal year and $6.0 million at the end of each other period for which
financial statements are required to be furnished. After the amendment, our
minimum working capital requirement will remain at $7.5 million at the end of
each fiscal year and $6.0 million at the end of each other period for which
financial statements are required to be furnished including November 30, 2010.
Beginning on January 31, 2011, however, and for every period for which financial
statements are required to be furnished, our minimum working capital for these
periods is increased from $6.0 million to $7.0 million.
All other
material terms and conditions under the Master Loan Agreement and related
agreements remain the same following this amendment. The amendment to the Master
Loan Agreement and related agreement 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.
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SOUTH
DAKOTA SOYBEAN PROCESSORS, LLC
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Dated: October
18, 2010
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/s/ Rodney Christianson
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Rodney
Christianson, Chief Executive Officer
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