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ABCW > SEC Filings for ABCW > Form 8-K on 30-Nov-2012All Recent SEC Filings

Show all filings for ANCHOR BANCORP WISCONSIN INC | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Financial Statements and

Item 1.01 Entry into a Material Definitive Agreement.

On November 30, 2012, Anchor BanCorp Wisconsin Inc. (the "Company") entered into Amendment No. 9 (the "Amendment") to the Amended and Restated Credit Agreement, dated as of June 9, 2008 (the "Credit Agreement"), among the Company, the lenders from time to time a party thereto (the "Lenders"), and U.S. Bank National Association, as administrative agent for the Lenders.

The Amendment provides the following:

The maturity date of the Credit Agreement is June 30, 2013 ("Maturity Date").

The outstanding balance under the Credit Agreement from time to time shall bear interest at a rate equal to 15.0% per annum.

An amendment fee in an amount equal to 0.75% of the original loan commitment ($872,250) is due on the earlier of (i) the Maturity Date or
(ii) the date on which the Company's obligations and liabilities are due or declared due.

AnchorBank, fsb, the Company's wholly-owned subsidiary, shall maintain the following financial covenants:

a Tier 1 Leverage Ratio of not less than 4.00% at all times.

a Total Risk Based Capital Ratio of not less than 8.00% at all times.

the ratio of the sum of Non-Performing Loans plus other real estate owned by AnchorBank, fsb to the sum of Gross Loans plus other real estate owned by AnchorBank, fsb shall not exceed 13.00% at all times.

As of November 30, 2012, the outstanding principal balance under the Credit Agreement was $116.3 million, and accrued interest and fees were $47.5 million and $6.4 million, respectively. The Credit Agreement and the Amendment also contain customary representations, warranties, conditions, indemnification and events of default for agreements of such type.

The description above is a summary of the terms of the Amendment. This description does not purport to be complete and it is qualified in its entirety by reference to the Amendment, a copy of which is attached to this report as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Amendment No. 9, dated as of November 30, 2012, to the Amended and Restated Credit Agreement, dated as of June 9, 2008.

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