July 23, 2014 9:56 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Southwest Iowa Renewable Energy, LLC

Company Overview

Southwest Iowa Renewable Energy, LLC owns and operates a 125 million gallon capacity ethanol plant in Council Bluffs, Iowa. It produces and sells ethanol, modified wet distillers grains with solubles, corn syrup, and corn oil in the continental United States. The company also offers dried distillers grains with solubles in the continental United States, Mexico, and the Pacific Rim. Southwest Iowa Renewable Energy, LLC was founded in 2005 and is based in Council Bluffs, Iowa.

10868 189th Street

Council Bluffs, IA 51503

United States

Founded in 2005

52 Employees

Phone:

712-366-0392

Fax:

712-366-0394

Key Executives for Southwest Iowa Renewable Energy, LLC

Chief Executive Officer
Age: 61
Chief Financial Officer and Controller
Age: 52
Treasurer
Age: 62
Environmental Health & Safety Director
Plant Manager
Age: 38
Compensation as of Fiscal Year 2014.

Southwest Iowa Renewable Energy, LLC Key Developments

Southwest Iowa Renewable Energy, LLC Completes Placement of $66.0 Million Senior Credit Agreement Due 2023 and $26.2 Million Subordinated Term Loan Notes Due 2023

Southwest Iowa Renewable Energy, LLC announced the completion of a $66.0 million senior credit agreement due 2023 with Farm Credit Services of America and CoBank. The proceeds of the credit agreement were used to refinance senior bank debt previously outstanding and scheduled to mature in August. The credit agreement provides SIRE with a term loan of $30 million, and a revolving term loan of $36 million. Interest rate on the credit agreement dropped to LIBOR plus 3.35%. SIRE also completed a total of $26.2 million subordinated term loan notes also due in 2023, with the interest rate dropping to LIBOR plus 6.25%. The proceeds of the subordinated notes were used to refinance the remaining balance of subordinated debt previously outstanding and scheduled to mature in August. Prior to completing these subordinated notes, SIRE also paid a total of $26.8 million to its subordinated lenders.

Southwest Iowa Renewable Energy, LLC Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Southwest Iowa Renewable Energy, LLC reported earnings results for the second quarter and six months ended March 31, 2014. Net income for the second quarter ended March 31, 2014 was $19.15 million, or $778.79 per diluted unit, compared to a net loss of $2.42 million, or $184.49 loss per diluted unit, for the same quarter ended March 31, 2013. Revenues for the second quarter ended March 31, 2014 were $82.97 million, compared to $79.20 million for the same quarter ended March 31, 2013. Net income for the six months ended March 31, 2014 was $30.01 million, or $1,233.21 per diluted unit, compared to a net loss of $11.11 million, or $845.35 loss per diluted unit, for the same period ended March 31, 2013. Revenues for the six months ended March 31, 2014 were $163.16 million, compared to $153.52 million for the same period ended March 31, 2013.

Southwest Iowa Renewable Energy LLC Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Southwest Iowa Renewable Energy, LLC reported unaudited earnings results for the second quarter and six months ended March 31, 2014. For the quarter, the company reported revenues of $82,971,000 against $79,197,000 a year ago. Operating income was $21,070,000 against operating loss of $59,000 a year ago. Net Income was $19,150,000 or $778.79 per diluted unit against net loss of $2,424,000 or $184.49 per diluted unit a year ago. EBITDA was $23,956,000 against $2,824,000 a year ago. Modified EBITDA was $23,298,000 or $1,772.52 per basic unit against $4,207,000 or $320.19 per basic unit a year ago. For the six months, the company reported revenues of $163,157,000 against $153,524,000 a year ago. Operating income was $33,977,000 against operating loss of $6,369,000 a year ago. Net Income was $30,009,000 or $1,233.21 per diluted unit against net loss of $11,107,000 or $845.35 per diluted unit a year ago. EBITDA was $39,724,000 against LBITDA of $621,000 a year ago. Modified EBITDA was $39,141,000 or $2,977.86 per basic unit against $2,829,000 or $215.31 per basic unit a year ago. The cash flow from operating activities was $31.5 million compared to $0.4 million for the six months ended March 31, 2014 and 2013, respectively. Book value per share has now surpassed $5,447 per unit, continued Cahill, with $2,283 per unit profit through these first two quarters.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 1, 2014
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