Company: SDSYA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001163609-25-000017
Chunk: 34

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 34
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 million and $18.7 million as of March 31, 2025 and December 31, 2024, respectively. Under this note, there were $173.7 million of funds available to borrow as of March 31, 2025.

The fourth credit line is a revolving long-term loan. Under this loan, our subsidiary may borrow funds, as needed, up to the credit line maximum, or $40.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line until the credit line’s maturity on December 31, 2029 at which time a balloon payment for the remaining balance is due. Our subsidiary pays a 0.50% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $0 as of March 31, 2025 and December 31, 2024. Under this loan, there were $40.0 million of additional funds available to borrow as of March 31, 2025.

The last credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan is to finance the operating needs of the High Plains Processing facility. Beginning July 1, 2025, our subsidiary may borrow up to $85.0 million until the loan's maturity on September 1, 2026. A 0.20% annual commitment fee is paid on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. As of March 31, 2025 and December 31, 2024, there was no principal  balance outstanding on this credit line. 

The revolving, seasonal and delayed-draw term loans with CoBank are set up with a variable rate option. The variable rate is set daily by CoBank. We also have a fixed rate option on all three loans, allowing us to fix rates for any period between one day and the entire commitment period. The annual interest rate on the loans was range between 6.56% and 7.76% as of March 31, 2025.

OFF BALANCE SHEET FINANCING ARRANGEMENTS

We do not utilize variable interest entities or other off-balance sheet financial arrangements.

Contractual Obligations

The following table shows our contractual obligations for the periods presented:

Payment due by periodCONTRACTUALOBLIGATIONSTotal