MGP Ingredients 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 21, 2009
MGP Ingredients, Inc.
(Exact name of registrant as specified in its charter)
100 Commercial Street
Atchison, Kansas 66002
(Address of principal executive offices) (Zip Code)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On December 31, 2009, the Company received written consent from Wells Fargo Bank under the Companys Credit and Security Agreement permitting the Company
(i) to make an additional investment of up to $2.5 million in Illinois Corn Processing, LLC in order to fund one-half of the restart and replacement cost of the steam boiler located at the Pekin, Illinois plant now owned by Illinois Corn Processing, LLC;
(ii) to prepay all of its indebtedness owed to the Cloud L. Cray, Jr. Trust (Cray Trust) under a secured subordinated promissory note dated March 27, 2009;
(iii) to prepay all of its indebtedness owed to the Union Pacific Railroad Company (UPRC) under a promissory note dated May 4 2009.
Wells Fargo Bank also consented to the modifications to the Companys annual cash incentive plan that were described in the Companys previously filed 8-K dated November 11, 2009.
Item 1.02 Termination of Material Definitive Agreements.
On December 21, 2009, the Company paid $2,102,139.27 to the Cray Trust in full payment of all amounts remaining due on its note to the Cray Trust.
On December 21, 2009, the Company paid $450,452.04 to the UPRC in full payment of its note to the UPRR..
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.