Item 1.01 Entry into a Material Definitive Agreement. OnJune 26, 2020 ,CHS Inc. (the "Company") entered into Omnibus Amendment No. 7 (the "Omnibus Amendment"), by and amongCofina Funding, LLC ("Cofina Funding"), an indirect subsidiary of the Company, as seller, the Company, as servicer and as an originator,CHS Capital, LLC ("CHS Capital "), a direct subsidiary of the Company, as an originator, each of the conduit purchasers, committed purchasers and purchaser agents set forth on the signature pages thereto andMUFG Bank, Ltd. f/k/a theBank of Tokyo-Mitsubishi UFJ, Ltd. ,New York Branch ("MUFG"), as administrative agent, to (1) that certain Amended and Restated Receivables Purchase Agreement, dated as ofJuly 18, 2017 , by and among Cofina Funding, the Company, the purchasers and the purchaser agents party thereto and MUFG, as previously amended (the "Receivables Purchase Agreement"), and (2) that certain Sale and Contribution Agreement, dated as ofJuly 22, 2016 , by and among the Company,CHS Capital and Cofina Funding, as previously amended (the "Sale Agreement"). OnJune 26, 2020 , the Company also entered into (1) Amendment No. 3 (the "Framework Agreement Amendment") to that certain Master Framework Agreement, dated as ofSeptember 4, 2018 , by and among the Company, as a seller and as agent for the sellers,CHS Capital , as a seller, and MUFG, as a buyer (the "MFA Buyer") and as agent for the buyer, as previously amended (the "Framework Agreement"), (2) Amendment No. 1 (the "Company MRA Amendment") to that certain 1996 SIFMA Master Repurchase Agreement, dated as ofSeptember 4, 2018 , between the Company, as seller, and MUFG, as MFA Buyer (the "Company MRA"), and (3) Amendment No. 1 (the "CHS Capital MRA Amendment" and the Omnibus Amendment, the Framework Agreement Amendment, the Company MRA Amendment and the CHS Capital MRA Amendment, collectively, the "Amendments") to that certain 1996 SIFMA Master Repurchase Agreement betweenCHS Capital , as seller, the Company, as guarantor, and MUFG, as MFA Buyer (the "CHS Capital MRA" and the Framework Agreement, the Company MRA and the CHS Capital MRA, collectively, the "Repurchase Facility"). Pursuant to the Sale Agreement, the Company andCHS Capital , from time to time, assign, sell and contribute their rights to certain loans and receivables and certain related property (collectively, the "Assets") to Cofina Funding. Pursuant to the Receivables Purchase Agreement, Cofina Funding sells and assigns the Assets to the purchasers and purchaser agents under the Receivables Purchase Agreement (the "RPA Purchasers"). Cofina Funding finances its purchases of the Assets with cash available, including cash received upon the resale of the Assets to the RPA Purchasers, and by issuing subordinated promissory notes (the "Notes") to the Company andCHS Capital for the amount of the purchase price of the Assets not paid in cash. Under the Repurchase Facility,CHS andCHS Capital may each request that the MFA Buyer transfer funds to them in exchange for a transfer of Notes, with a simultaneous agreement by CHS orCHS Capital , as applicable, to transfer funds to the MFA Buyer at a date certain or on the MFA Buyer's demand in exchange for the return of such Notes (collectively, the "Transactions"), with an aggregate amount of funds agreed to be transferred to the MFA Buyer in exchange for the return of Notes not to exceed$150 million at any time outstanding. The Framework Agreement provides that the MFA Buyer has the option to elect to either enter into the proposed Transaction with CHS orCHS Capital , as applicable, or to decline such request to enter into such Transaction. The Amendments, among other things, amend the Receivables Purchase Agreement, the Sale Agreement and the Repurchase Facility to extend their respective termination dates fromJune 26, 2020 , toSeptember 24, 2020 . The Omnibus Amendment also amends the Receivables Purchase Agreement to decrease the amount of Assets that the RPA Purchasers have committed to purchase from$700 million to$500 million and provides for an expedited amendment procedure to replace LIBOR with an alternate benchmark rate if LIBOR is no longer available or published on a current basis. MUFG and certain RPA Purchasers, including Coöperatieve Rabobank U.A. and Coöperatieve Rabobank U.A.,New York Branch ("Rabobank New York"), are parties to one or more of the Company's outstanding credit facilities, including the 2019 Amended and Restated Credit Agreement (5-Year Revolving Loan), dated as ofJuly 16, 2019 , by and between the Company, CoBank, ACB, for its own benefit as a syndication party and as the administrative agent for the benefit of the present and future syndication parties,Rabobank New York andSumitomo Mitsui Banking Corporation , for their own benefit as syndication parties and as syndication agents, and the other syndication parties party thereto, and are also holders of notes issued by the Company under the Note Purchase and Private Shelf Agreement, datedApril 13, 2004 , between the Company andPrudential Capital Group . In addition, certain parties to the Amendments and/or their affiliates have from time to time engaged, and in the future may engage, in various financial advisory and investment banking transactions with, and provide services to, the Company and its subsidiaries in the ordinary course of business for which they received or will receive customary fees and expenses. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Reference is made to the information set forth in Item 1.01 of this Current Report on Form 8-K, which is incorporated herein by reference.
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