Subsequent Events (Notes)

12 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

FCSA/CoBank

On November 8, 2019, the Company amended the credit agreement with Farm Credit Services of America, FLCA (“FCSA”) and CoBank, ACB, as cash management provider and agent (“CoBank”) which provides the Company with a term loan in the amount of $30 million (the “Term Loan”) and a revolving term loan in the amount of up to $40 million (the “Revolving Term Loan", and together with the Term Loan, the “FCSA Credit Facility”). The FCSA Credit Facility is secured by a security interest on all of the Company’s assets.

The Term Loan provides for payments by the Company to FCSA of semi-annual installments of $3.75 million, which begins on September 1, 2020 and matures on November 15, 2024. The Revolving Term Loan has a maturity date of November 15, 2024. Under the FCSA Credit Facility, the Company has the right to select from the several LIBOR based interest rate options with respect to each of the Term Loan and the Revolving Term Loan, with a LIBOR spread of 3.4% per annum.

Put Option liability.

The put option liability consists of an agreement between the Company and ICM that contained a conditional obligation to repurchase feature. On August 16, 2019, ICM notified SIRE of their intent to exercise the put option, but waived their right to determine the fair market value for their units. On November 15, 2019, the Company closed the repurchase transaction and paid $11.1 million to ICM in settlement of the put option provision consistent with the terms of the agreement. This settlement will also cause the number of shares outstanding to change to 12,309 shares for the remainder of the first quarter in Fiscal 2020.