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heron lake bioenergy llc (HLBYL) Details

Heron Lake BioEnergy, LLC produces and sells ethanol and co-products, and non-edible corn oil in the United States. It operates in two segments, Ethanol Production and Natural Gas Pipeline. The company offers fuel-grade ethanol, which is used as an octane enhancer in fuels; as an oxygenated fuel additive that could reduce ozone and carbon monoxide vehicle emissions; as a non-petroleum-based gasoline substitute; and as a renewable fuel to displace consumption of imported oil. It also provides distillers' grains, an animal feed ingredient primarily marketed to the dairy and beef industries; crude corn oil, which is used principally as a biodiesel feedstock and as a supplement for animal feed; and corn syrup primarily used as a feed additive to moisten dry feed stuffs, such as hay. In addition, the company operates a natural gas pipeline that provides natural gas to the company's ethanol production facility and other customers. It distributes and markets its products through third party marketers. The company was formerly known as Generation II, LLC and changed its name to Heron Lake BioEnergy, LLC in June 2004. The company was founded in 2001 and is headquartered in Heron Lake, Minnesota. Heron Lake BioEnergy, LLC is a subsidiary of Granite Falls Energy, LLC.

40 Employees
Last Reported Date: 01/29/19
Founded in 2001

heron lake bioenergy llc (HLBYL) Top Compensated Officers

CEO & GM
Total Annual Compensation: $142.6K
Chief Financial Officer
Total Annual Compensation: $103.0K
Secretary & Governor
Total Annual Compensation: $24.0K
Compensation as of Fiscal Year 2018.
heron lake bioenergy llc
Heron Lake BioEnergy, LLC, Annual General Meeting, Mar 20, 2019

Heron Lake BioEnergy, LLC, Annual General Meeting, Mar 20, 2019, at 13:00 Central Standard Time. Location: Heron Lake Community Center, 312 10th St. Heron Lake Minnesota United States Agenda: To elect one governor to serve on the Company's board of governors until the 2022 annual meeting of members or until a successor is elected and qualified; and to transact such other business as may properly come before the 2019 annual meeting or any adjournments thereof.

Heron Lake BioEnergy, LLC Announces Board of Governors Change

On June 11, 2018, Milton McKeown, the alternate at-large governor appointed to Heron Lake BioEnergy, LLC’s (the "Company") board of governors, passed away. Mr. McKeown McKeown was an original member of its founding Board of Governors, serving as an at-large governor until July 2013, when he was appointed as an alternate at-large governor. Effective July 19, 2018, Jeremy Janssen was appointed as the Company’s Alternate At-Large Governor to fill the vacancy left by Mr. McKeown’s death. Mr. Janssen was appointed to his seat by the elected at-large governors pursuant to Section 5.3(m) of the Company’s operating agreement. Since May 2011, Mr. Janssen has been employed by United Prairie Bank, serving as the Market President for its Windom and Mountain Lake, Minnesota branches since December 2014 and prior to that employed as its Vice President of business banking. Before joining United Prairie Bank, Mr. Janssen was employed for 10 years with Commercial Bank of Minnesota in Heron Lake, Minnesota. He is also the owner of Minnesota Investment Properties, LLC.

Heron Lake Bioenergy, LLC Finalizes Loan Agreements for Amended Credit Facility with Compeer Financial, FLCA and Compeer Financial, PCA

On April 6, 2018, Heron Lake BioEnergy, LLC finalized loan agreements for an amended credit facility with Compeer Financial, FLCA and Compeer Financial, PCA, collectively formerly known as AgStar Financial Services, FCLA. The loan agreements include a credit agreement dated March 29, 2018 which amends and replaces the company’s master loan agreement dated July 29, 2014 with Compeer. Subject to the terms of the amended credit agreement, the amended credit facility includes an amended and restated revolving term loan with a $4.0 million principal commitment and a revolving seasonal line of credit with a $4.0 million principal commitment, which are secured by substantially all business assets and guaranties from the company’s wholly-owned subsidiary, HLBE Pipeline Company, LLC, under which it guarantees full payment and performance of the company’s obligations to Compeer. CoBank, ACB (CoBank) will continue to act as Compeer's administrative agent with respect to the company’s Amended Credit Facility and has a participation interest in the loans. In connection with the amended credit facility, the company executed an amended and restated revolving term promissory note, a revolving credit promissory note, an amended and restated security agreement, and an amended and restated mortgage, assignment of rents and profits, and fixture financing statement, commodity account control agreement, and amended agency and intercreditor agreement. Additionally, HLBE Pipeline Company, LLC executed an amended guarantee agreement and amended and restated security agreement. The Amended Credit Facility contains customary financial and affirmative covenants and negative covenants for loans of this type and size to ethanol companies. Financial covenants under the Amended Credit Facility include maintenance of at least $8 million in Working Capital, measured monthly on a unconsolidated basis beginning on February 13, 2018 through September 30, 2018; maintenance of at least $10 million in Working Capital, measured monthly on a unconsolidated basis beginning on October 31, 2018 maintenance of Net Worth of not less than $32 million, measured monthly on a unconsolidated basis beginning on July 31, 2014; maintenance of an Debt Service Coverage Ratio of not less than 1.15 to 1.00, measured annually at the end of each fiscal year. The Amended Credit Facility provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, the following: nonpayment of principal or interest; breach of covenants or other agreements in the Amended Credit Facility; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. If any event of default occurs, the remaining principal balance and accrued interest on the Amended Credit Facility will become immediately due and payable. Under the terms of the amended revolving term loan, the Company may borrow, repay, and re-borrow up to the aggregate principal commitment amount of $4.0 million. Final payment of amounts borrowed under amended revolving term loan is due December 1, 2021. Interest on the amended revolving term loan accrues at a variable weekly rate equal to 3.10% above the One-Month London Interbank Offered Rate (LIBOR) Index rate. Interest on amounts borrowed is payable monthly in arrears. The Company also agreed to pay an unused commitment fee on the unused available portion of the Amended Term Revolving Loan commitment at the rate of 0.500% per annum, payable monthly in arrears. Under the terms of the seasonal revolving loan, the Company may borrow, repay, and re-borrow up to the aggregate principal commitment amount of $4.0 million until its maturing on February 1, 2019. Amounts borrowed under the seasonal revolving loan bear interest at a variable weekly rate equal to 2.850% above the rate quoted by the Bloomberg Information Services for the offering of one-month U.S. Dollar deposits. The Company also agreed to pay an unused commitment fee on the unused portion of the seasonal revolving loan commitment at the rate of 0.250% per annum.

 

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