|
Quotes & Info
|
| VOL > SEC Filings for VOL > Form 8-K on 14-Aug-2009 | All Recent SEC Filings |
14-Aug-2009
Termination of a Material Definitive Agreement, Financial Stateme
On August 12, 2009, Volt Information Sciences, Inc. (the "Company") announced that its wholly owned subsidiary Volt Delta Resources, LLC ("Volt Delta") has voluntarily prepaid the $42 million of outstanding borrowings under the $75 million Volt Delta secured credit facility (the "Delta Credit Facility"). Further, Volt Delta elected to terminate the Delta Credit Facility, effective August 12, 2009, because no further borrowings were anticipated through its scheduled expiration date in December 2009. The outstanding borrowings were repaid from funds provided by the Company which had excess cash resulting from the sale of the Company's domestic directory publishing operations in September 2008. Certain foreign denominated borrowings supported by the Delta Credit Facility have been transferred to the Company's unsecured revolving credit facility.
The Delta Credit Facility was established under a secured, syndicated, revolving
credit agreement with Wells Fargo, National Association, as the administrative
agent, the arranger, and a lender. In addition to Wells Fargo, the following
four other banks also participated as lenders under the Delta Credit Facility:
Bank of America, N.A., JPMorgan Chase Bank, N.A., HSBC Bank USA, National
Association, and Lloyds TSB Bank plc. Wells Fargo, Bank of America, JPMorgan
Chase Bank and HSBC Bank USA also participate in the Company's own $42 million
unsecured revolving credit facility. The Delta Credit Facility was guaranteed,
on a secured basis, by certain domestic subsidiaries of Volt Delta.
The Delta Credit Facility permitted U. S. Dollar, British Pound Sterling and Euro borrowings with various interest rate options to be selected by Delta at the time of each borrowing. Certain rate options, together with a facility fee, were based on a leverage ratio. The Delta Credit Facility required Volt Delta to maintain various financial ratios and covenants, and imposed limitations on, among other things, the incurrence of additional indebtedness, the incurrence of additional liens, sales of assets, the level of annual capital expenditures, and the amount of investments and loans that could be made by Volt Delta and its subsidiaries.
(d) Exhibits:
99.1 The Company's press release dated August 12, 2009.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 13, 2009 By: /s/ Jack Egan
Jack Egan, Senior Vice President
and Chief Financial Officer
|
|