On October 1, 2019, Red Trail Energy, LLC gave notice to U.S. Bank National Association that it was terminating RTE's $7 million revolving loan. RTE entered into the Revolving Loan with U.S. Bank on March 20, 2017. Interest accrued on any outstanding balance on the Revolving Loan at a rate of 1.77% in excess of the one-month London Interbank Offered Rate (LIBOR). On May 31, 2019, RTE renewed the Revolving Loan and extended the maturity date to May 31, 2020 and decreased the principle to $7 million. RTE did not have any amount outstanding on the Revolving Loan as of October 1, 2019. RTE did not incur any penalty for terminating the Revolving Loan.
Red Trail Energy, LLC owns and operates a 50-million-gallon annual name-plate production ethanol plant near Richardton, North Dakota. The principal products that the Company produces are ethanol, distillers grains, and corn oil. Ethanol is ethyl alcohol, a fuel component made primarily from corn and various other grains, which can be used as an octane enhancer in fuels; an oxygenated fuel additive for the purpose of reducing ozone and carbon monoxide vehicle emissions, and a non-petroleum-based gasoline substitute. It produces two forms of distillers grains: distillers dried grains and modified distillers grains. Modified distillers grains is processed corn mash that has been dried to approximately 50% moisture which has a shelf life of approximately seven days. Distillers dried grains is processed corn mash that has been dried to approximately 10% moisture. The primary uses of the corn oil that the Company produces are for animal feed, industrial uses, and biodiesel production.
RED TRAIL ENERGY, LLC 
