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ABFS > SEC Filings for ABFS > Form 8-K on 29-Oct-2012All Recent SEC Filings

Show all filings for ARKANSAS BEST CORP /DE/

Form 8-K for ARKANSAS BEST CORP /DE/


29-Oct-2012

Termination of a Material Definitive Agreement


ITEM 1.02 - TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

On October 23, 2012, Arkansas Best Corporation (Nasdaq: ABFS) (the "Company") notified SunTrust Robinson Humphrey, Inc., ("SunTrust"), of the Company's intention to terminate the Letter of Credit Agreement ("Agreement") dated as of December 9, 2009 (as amended on December 7, 2011) between Arkansas Best Corporation and SunTrust Bank. Under the Agreement, SunTrust issued letters of credit on behalf of the Company primarily in support of workers' compensation and third-party casualty claims liabilities in various states in which the Company is self-insured. The Company will pay no penalties to terminate the Agreement prior to the December 9, 2013 maturity date. There were no outstanding letters of credit issued under the Agreement on the date the Company delivered the notice of termination to SunTrust.

As previously disclosed in Form 8-K dated June 20, 2012, the Company entered into a $75.0 million accounts receivable securitization program with PNC Bank on June 15, 2012, which includes a provision under which the Company may request and the letter of credit issuer may issue standby letters of credit. In addition, the Company has agreements with certain financial institutions to provide collateralized facilities for the issuance of letters of credit in support of the self-insurance program discussed in the previous paragraph. The Company also has programs in place with insurance carriers for the issuance of surety bonds in support of the self-insurance program.


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