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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTSOn October 15, 2020, GPIL entered into a new $425 million term loan with member banks of the Farm Credit System. The term loan has a delayed draw feature, and the Company expects to fund the new term loan in January 2021. The Company will use the proceeds to refinance its 2021 4.75% bond issuance which becomes callable at par on January 15, 2021. The new term loan is collateralized by the same assets as GPIL’s Senior Secured Facilities on a pari pasu basis. The new term loan will bear interest at a fixed rate of 2.67% due quarterly, matures in seven years from date of funding, and does not amortize. As long as the loan is outstanding, GPIL will be eligible to receive an annual patronage credit from the participating banks, which will be paid in cash and stock in the lead member bank. Patronage payable each year is variable and based on the individual financial performance of each of the member banks then participating in the loan