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PRIM > SEC Filings for PRIM > Form 8-K on 9-Nov-2012All Recent SEC Filings

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Form 8-K for PRIMORIS SERVICES CORP


9-Nov-2012

Creation of a Direct Financial Obligation or an Obligation under an Off-Ba


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC

On November 1, 2012, Stellaris, LLC, a wholly owned subsidiary of the Company (the "Borrower"), entered into a Master Loan and Security Agreement (the "BofA Agreement") with Banc of America Leasing & Capital, LLC (the "Lender") for the financing of equipment pursuant to one or more equipment notes. In connection with the BofA Agreement, we entered into an Equipment Security Note (the "Equipment Note"), dated November 1, 2012, with the Lender for the total aggregate amount of $10.0 million, which amount was funded on November 7, 2012. The Equipment Note is secured by certain construction and automotive equipment. The Equipment Note is payable in equal monthly installments over a seven year period. The principal amount of the Note bears interest at 2.23% per annum and may be prepaid, subject to certain prepayment breakage fees during the first three years. In connection with the transaction, the Borrowers entered into the Amendment to Master Loan and Security Agreement (the "Amendment"), dated November 7, 2012 with the Lender, whereby certain of our subsidiaries have agreed to be obligated as co-borrowers for all amounts borrowed under the BofA Agreement and the Equipment Note. A copy of the agreements are attached to this Current Report on Form 8-K.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits .

Exh. No.                                 Description

10.1       Master Loan and Security Agreement, dated November 1, 2012, by and
           between Stellaris, LLC and Banc of America Leasing & Capital, LLC.

10.2       Amendment to Master Loan and Security Agreement, dated November 7, 2012,
           by and among Stellaris, LLC, James Construction Group, LLC, Miller
           Springs Materials, LLC, Primoris Energy Services Corporation and Banc of
           America Leasing & Capital, LLC.

10.3       Equipment Security Note, dated November 1, 2012, by and among Stellaris,
           LLC, James Construction Group, LLC, Miller Springs Materials, LLC,
           Primoris Energy Services Corporation and Banc of America Leasing &
           Capital, LLC.


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