UNITED STATES
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): June 29, 2021
LINCOLNWAY ENERGY, LLC
(Exact name of registrant as specified in its charter)
| Iowa | 000-51764 | 20-1118105 | ||||||||||||
| (State or other jurisdiction of incorporation ) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| 59511 W. Lincoln Highway, Nevada, Iowa | 50201 | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
515-232-1010
(Registrant's telephone number, including area code)
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:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01 Entry into a Material Definitive Agreement
Effective June 29, 2021 (the “Effective Date”) Lincolnway Energy, LLC (the “Company”) entered into an amendment (the “Amendment”) to its Credit Agreement with Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA (collectively, the “Lender”) dated July 3, 2017, as previously amended February 23, 2018 and June 29, 2020 (the “Credit Agreement”). CoBank, ACB (“CoBank”) continues to have a participation interest in the underlying loans issued under the Credit Agreement and continues to serve as administrative agent for the Credit Agreement. The Amendment reduces the working capital financial covenant pursuant to the Credit Agreement from $10,000,000 to $8,000,000.
In connection with the execution of the Amendment, the Company and Lender entered into a $7,500,000 revolving promissory note dated June 29, 2021 (the "Revolving Promissory Note"). The Revolving Promissory Note has a maturity date of August 1, 2022. Interest on the Revolving Promissory Note accrues at 3.25% in excess of the one-month London Interbank Offered Rate (LIBOR). The Revolving Promissory Note has an unused commitment fee of 0.25% on the unused portion of the Revolving Promissory Note.
In connection with the execution of the Amendment, the Company and the Lender also entered into an Amended and Restated Letter of Credit Promissory Note dated June 29, 2021 (the “Restated Letter of Credit Note”) which amended, restated and superseded the Revolving Letter of Credit Promissory Note dated June 28, 2019. The maximum amount of the letter of credit commitment was changed to $1,307,525.
SIGNATURES
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 thereunto duly authorized.
| LINCOLNWAY ENERGY, LLC | |||||
| Date: July 3, 2021 | /s/ Jeff Kistner | ||||
| Jeff Kistner | |||||
| Interim Chief Financial Officer | |||||