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PRIM > SEC Filings for PRIM > Form 8-K on 18-Dec-2012All Recent SEC Filings

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Form 8-K for PRIMORIS SERVICES CORP


18-Dec-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.

Loan Agreement with RBS Asset Finance, Inc.

On December 13, 2012, Stellaris, LLC and Q3 Contracting, Inc., wholly owned subsidiaries of the Company (the "Borrower"), entered into a Loan Agreement (the "Agreement") with RBS Asset Finance, Inc. (the "Lender") for the financing of equipment pursuant to one or more equipment notes. In connection with the Agreement, we entered into a Note (the "Note"), dated December 13, 2012, with the Lender for the total aggregate amount of $12.0 million, whereby $11.65 million was funded on December 13, 2012. The Note is secured by certain construction and automotive equipment outlined in Collateral Schedule No. 1 of the Note. The Note is payable in equal monthly installments over a seven year period. The principal amount of the Note bears interest at 2.05% per annum and may be prepaid, subject to certain prepayment breakage fees during the first three years. In connection with the transaction, the Company entered into a Guaranty Agreement (the "Guaranty Agreement"), dated December 13, 2012 with the Lender, whereby the Company has agreed to be obligated for all amounts borrowed under the Agreement and the 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       Loan Agreement, dated December 13, 2012, by and between Stellaris, LLC
           and Q3 Contracting, Inc. and RBS Asset Finance, Inc.

10.2       Note, dated December 13, 2012, by and among Stellaris, LLC and Q3
           Contracting, Inc. and RBS Asset Finance, Inc.

10.3       Guaranty, dated December 13, 2012, by and among Primoris Services
           Corporation and RBS Asset Finance, Inc.


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