Cardinal Ethanol Announces Twelfth Amendment of First Amended and Restated Construction Loan Agreement with First National Bank of Omaha
January 30, 2018 at 10:23 am
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On January 29, 2018, Cardinal Ethanol, LLC and its primary lender, First National Bank of Omaha, executed a Twelfth Amendment of First Amended and Restated Construction Loan Agreement to be effective as of December 31, 2017, which amends the First Amended and Restated Construction Loan Agreement dated June 10, 2013. In connection therewith, Cardinal also executed a Grain Loadout Facility Term Note. The primary purpose of the Amendment was to convert the construction loan for the grain receiving and train loading facility to term debt. The Grain Loadout Facility Loan is for a maximum of $10,000,000 and the interest rate is based on the 3-month LIBOR plus two hundred ninety basis points. The Grain Loadout Loan requires monthly installment payments of principal and interest of approximately $119,048, commencing on February 1, 2018, with a final maturity date of February 28, 2023.
Cardinal Ethanol, LLC and its subsidiaries is engaged in producing fuel-grade ethanol, distillers grains, corn oil and carbon dioxide near Union City, Indiana and sells these products throughout the continental United States. In addition, the Company procures, transports, and sells grain commodities through grain operations. Its divisions include ethanol and trading. Its ethanol division markets and sells ethanol and its co-products primarily in the continental United States using third party marketers. Its ethanol products are marketed by Murex, LLC and distillers grains are marketed by CHS, Inc. It markets and distributes all the corn oil it produces directly to end users and third-party brokers. The Company's trading division has a grain loading facility within its single site to buy, hold and sell inventories of agricultural grains, primarily soybeans. It performs no additional processing of these grains, unlike the corn inventory the Company holds and uses in ethanol production.
CARDINAL ETHANOL, LLC 
