<SUBMISSION>
<ACCESSION-NUMBER>0000916002-04-000078
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040924
<ITEMS>2.03
<FILING-DATE>20041015
<DATE-OF-FILING-DATE-CHANGE>20041015
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MGP INGREDIENTS INC
<CIK>0000835011
<ASSIGNED-SIC>2040
<IRS-NUMBER>480531200
<STATE-OF-INCORPORATION>KS
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-17196
<FILM-NUMBER>041081324
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1300 MAIN ST
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
<PHONE>9133671480
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1300 MAIN STREET
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MIDWEST GRAIN PRODUCTS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Washington, D. C. 20549 </FONT></H1><BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
FORM 8-K </FONT></H1><BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
CURRENT REPORT </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </FONT></H1>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Date of Report (Date of earliest event reported)<B> September 24, 2004</B> </FONT></P>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
MGP Ingredients, Inc. </B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Exact name of registrant as specified in its charter) </FONT></P>
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<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>KANSAS</B></FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>0-17196</B></FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>48-0531200</B></FONT></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(State or other jurisdiction</FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(Commission</FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(IRS Employer</FONT></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
of incorporation)</FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
File Number)</FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Identification No.)</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
1300 Main Street <BR>
Box 130 <BR>
Atchison, Kansas 66002 </B><BR>
(Address of principal executive offices) (Zip Code) </FONT></P>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
(913) 367-1480 </B><BR>
(Registrant&#146;s telephone number, including area code) </FONT></P>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
Not Applicable </B><BR>
(Former name or former address, if changed since last report) </FONT></P>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below): </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12) </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>


<H1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.03.  Creation of a
Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant. </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has incurred additional indebtedness to fianance the acquisition of capital
equipment and for working capital. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Secured Promissory Note.</I> On September 24, 2004 the Company borrowed $9,794,500 from GE Capital
Public Finance, Inc. The Company&#146;s obligations are evidenced by a promissory note,
bear interest at 5.26% per annum and are payable in 83 consecutive monthly payments of
$183,777 and an 84th payment equal to the unpaid principal and interest, commencing
November 1, 2004. The note may be prepaid at any time in its entirety subject to the
payment of a prepayment premium equal to 3% of the original principal amount if the note
is prepaid prior to the first anniversary, declining to 1% if paid prior to the third
anniversary and 0% thereafter. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company also entered a security agreement to secure the note. The security agreement
grants a security interest in specified equipment located or to be located at the
Company&#146;s KCIT facility in Kansas City, Kansas. Under the security agreement, the
Company has agreed to indemnify the secured party against any claim arising in connection
with the collateral. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indebtedness under the note can be accelerated if any payment is not made within 10 days of its due
date or if there is an event of default under the security agreement, which include
transfers of the collateral, breaches of representations, warranties or covenants under
the security agreement, certain acts of bankruptcy or insolvency and defaults by the
Company under any other obligations to the secured party or other material obligations. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Line of Credit.</I> As of September 30, there was $6 million outstanding under the
Company&#146;s line of credit with Commerce Bank, N.A. As amended on September 17, 2004,
the line of credit permits borrowings not to exceed $15 million. Interest on borrowings is
payable monthly at a rate equal to the greater of Commerce Bank&#146;s prime rate less 1%,
or the Federal Funds Rate plus 1.5%. In addition, the Company pays a commitment fee equal
to 0.25% per annum on the unused portion of the commitment. Principal is due upon the
occurrence of an event of default or expiration of the line of credit, currently November
30, 2004. The Company intends to seek renewal of the line of credit. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Events of default which could result in acceleration of indebtedness under the line of credit
include nonpayment of interest or principal on any payment date, breach of representations
or covenants, default under any other note or agreement binding on the Company, certain
acts of bankruptcy and the entry of judgments against the Company or its assets which
remain unstayed or undischarged after a specified period. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Line of Credit Agreement requires the Company to maintain certain financial ratios,
including a current ratio (current assets to current liabilities) of 1.5 to 1, minimum
consolidated tangible net worth (stockholders&#146; equity less intangible assets) of $86
million, debt to tangible net worth not to exceed 2.5 to 1, and a fixed charge coverage
ratio (generally, the ratio of (i) the sum of (a) net income [adjusted to exclude gains or
losses from the sale or other disposition of capital assets and other matters] plus (b)
provision for taxes plus (c) fixed charges, to (ii) fixed charges) for the period of the
four consecutive fiscal quarters ended as of the measurement date of 1.5 to 1.&nbsp;In
addition, the Company may not permit consolidated funded debt (generally, asset
acquisition related debt plus capitalized lease obligations) to exceed 60% to total
capitalization. Other covenants are the same as those in Section 5 of the Note Agreement
dated as of August 1, 1993 with the Principal Mutual Life Insurance Company and filed as
Exhibit 4.1 to the Company&#146;s Report on Form 10-Q for the quarter ended
September&nbsp;30, 1993, and include covenants which impose limitations on the amount of
current debt, liens, restricted payments, investments, mergers and acquisitions,
guaranties and transactions with affiliates. </FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>


<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
SIGNATURES </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>MGP INGREDIENTS, INC.</B> </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Date: October 15, 2004 </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
By:<U>/s/&nbsp;Laidacker M. Seaberg
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laidacker M. Seaberg<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer </FONT></TD>
</TR>
</TABLE>

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