SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): July 30, 2008
Northern Growers, LLC
(Exact name of registrant as specified in its charter)
South Dakota |
| 0-50711 |
| 77-0589881 |
(State or other jurisdiction of |
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| (I.R.S. Employer Identification |
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48416 144th Street |
| 57216 | ||
(Address of principal executive |
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| Registrant’s telephone number, including area code: (605) 862-7902 |
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| 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: |
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 30, 2008, our subsidiary, POET Biorefining – Big Stone (hereafter referred to as “Big Stone”) renewed with its lender, U.S. Bank National Association, a $9.0 million variable rate, revolving loan. Under the amendment, the new maturity date for the $9.0 million revolving loan is July 28, 2009. Under the revolving loan, Big Stone may borrow, on a revolving basis, the difference of the outstanding principal amount and the lesser of i) the borrowing base and ii) $9.0 million. The borrowing base is defined as 75% of the total of i) fair market value of the outstanding inventory, ii) eligible accounts receivable, and iii) hedging accounts at fair market value. The interest rate is subject to LIBOR plus 3.0%, adjusted and due monthly. The total unpaid principal balance is due at maturity. The note is subject to an unused commitment fee of 0.25% per year and prepayment is without penalty.
We plan to file the promissory note as an exhibit with our next periodic report.
SIGNATURE
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.
| NORTHERN GROWERS, LLC | |
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Dated: August 5, 2008 | By: | /s/ Robert Narem |
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| Robert Narem, Chief Executive Officer |
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