Southwest Iowa Renewable Energy expanded its credit facility to $70 million. CoBank served as administrative agent.
Farm Credit Services of America, FLCA and CoBank are members of the syndicate that amended the facility. The amended facility consists of a a $30 million term note with a maturity date of September, 2024 and principal payments of $7.5 million per year and a revolving term note in the maximum principal amount of $40 million with a maturity date of September, 2024. The full amount of this note is available on a revolving basis from time to time through maturity.
“While conditions in the ethanol industry are difficult, SIRE’s ability to complete a renewed and expanded Credit Facility is a testament to the strong position of our Company,” said Mike Jerke, the company’s CEO.
“SIRE greatly appreciates the excellent working relationship we have had with our lenders over the years, and the renewed credit facility provides us with financial flexibility to move forward with important projects at the plant,” said Brett Frevert, SIRE’s CFO.
