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Quotes & Info
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| VTNC > SEC Filings for VTNC > Form 8-K on 23-Jan-2013 | All Recent SEC Filings |
23-Jan-2013
Entry into a Material Definitive Agreement
(1) On January 22, 2013, the Company and certain of its subsidiaries entered into an additional $7 million real estate term agreement with a real estate mortgage lender. This is in addition to the $17 million real estate term agreement entered into on December 28, 2012, and described on Form 8-K under Item 1.01 filed on January 2, 2013. The Company expects a third closing of financing during the first quarter of 2013.
The following is a summary of the material terms of the real estate term agreement:
· The real estate term agreement is for a total of $7 million as a first freehold mortgage on the land and buildings. The tenure of the agreement is 15 years and the amortization period is 15 years. Including the previous real estate term agreement entered into on December 28, 2012, the total funding to date is $24 million.
· The real estate term agreement is secured by a first mortgage on an additional 5 transportation facilities located throughout the United States, bringing the total facilities secured to 23.
· The interest rate is fixed at 4.875% with an interest rate adjustment period of five years.
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