Item 1.01 Entry into a Material Definitive Agreement.
On April 27, 2022, we entered into an Amended and Restated Revolving Credit
Promissory Note ("Restated Seasonal Note") and an Amended and Restated Revolving
Term Promissory Note ("Restated Revolving Term Note") with our lender, CoBank,
ACB of Greenwood Village, Colorado. See Item 2.03, the text of which is herein
incorporated by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On April 27, 2022, we entered into the Restated Seasonal Note and Restated
Revolving Term Note with our lender, CoBank, ACB. Under the Restated Seasonal
Note, the principal amount that we may borrow is increased from $70 million to
$85 million until the loan's maturity on December 1, 2022.
Borrowings under the Seasonal Note will accrue interest at 2.25% plus Daily
Simple SOFR, and borrowings under the Revolving Term Note will accrue interest
at 2.55% plus Daily Simple SOFR. Daily Simple SOFR is defined under both notes.
All other material items and conditions under the Credit Agreement dated
December 28, 2016, and subsequent amendments to such agreement, remain the same
following these amendments. The amendments will be filed as exhibits in our next
periodic report.
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