UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): February 8, 2022
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| HIGHWATER ETHANOL, LLC |
| (Exact name of registrant as specified in its charter) |
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| Minnesota | 333-137482 | 20-4798531 |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
24500 US HWY 14, PO Box 96, Lamberton, MN, 56152
(Address of principal executive offices)
(507) 752-6160
(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 (see General Instruction A.2. below):
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | 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
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company 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 ☐
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
On February 8, 2022, Highwater Ethanol, LLC, (the "Company") and Compeer Financial, PCA f/k/a AgStar Financial Services, PCA, as administrative agent, ("Compeer"), executed a First Amendment to the Third Amended and Restated Credit Agreement (the "First Amendment"), which amends the Third Amended and Restated Credit Agreement dated March 15, 2021.
The primary purpose of the First Amendment was to modify the interest rate for the Term Revolving Loan and the Revolving Line of Credit, effective March 1, 2022. The First Amendment removed references to the LIBOR rate and provided that the Term Revolving Loan and the Revolving Line of Credit Loan will each accrue interest at a variable interest rate based on the Wall Street Journal's Prime Rate plus ten basis points with a minimum interest rate of 2.10%. The Revolving Line of Credit Loan, which was set to mature on March 15, 2022, was also extended until January 22, 2023.
The First Amendment also provided for a limited waiver by Compeer of any default resulting from the Company's capital expenditures exceeding the amount permitted during the 2021 fiscal year.
Item 9.01 Financial Statements and Exhibits
(a)None.
(b)None.
(c)None.
(d)Exhibits
Exhibit No. Description
99.1 First Amendment to the Third Amended and Restated Credit Agreement between Highwater Ethanol, LLC and Compeer Financial, PCA, as administrative agent, dated February 8, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 hereunto duly authorized.
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| HIGHWATER ETHANOL, LLC |
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| Date: February 10, 2022 | /s/ Brian Kletscher |
| Brian Kletscher, Chief Executive Officer |
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