Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BXS > SEC Filings for BXS > Form 8-K on 8-Aug-2013All Recent SEC Filings

Show all filings for BANCORPSOUTH INC

Form 8-K for BANCORPSOUTH INC


8-Aug-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Oblig


Item 1.01. Entry into a Material Definitive Agreement.

On August 8, 2013, BancorpSouth, Inc. (the "Company") entered into a Credit Agreement (the "Credit Agreement") with U.S. Bank National Association, as a lender and administrative agent, and First Tennessee Bank, National Association, as a lender. The Credit Agreement includes an unsecured revolving loan of up to $25.0 million that terminates and the outstanding balance of which is payable in full on August 8, 2015, and an unsecured multi-draw term loan of up to $60.0 million, which commitment terminates on February 28, 2014 and the outstanding balance of which is payable in full on August 8, 2018. The proceeds from the term loan may be used to repurchase trust preferred securities, and the proceeds from the revolving loan may be used for working capital, capital expenditures and other lawful corporate purposes. Borrowings under the Credit Agreement bear interest at a eurocurrency or base rate plus, in each case, an applicable interest rate margin.

On August 8, 2013, the Company borrowed $50.0 million under the term loan for which the principal balance is payable in full on August 8, 2018. The initial interest rate on such term loan is LIBOR plus 1.875% and the proceeds of such term loan will be used in connection with the redemption on August 12, 2013 of all outstanding 8.15% trust preferred securities issued by BancorpSouth Capital Trust I.

The Credit Agreement contains customary representations, warranties, covenants and events of default, including, without limitation, financial covenants requiring that the Company or BancorpSouth Bank, as the case may be, maintain
(i) a total risk-based capital ratio not less than 12% as of the last day of any fiscal quarter, (ii) a ratio of non-performing assets to total primary capital not greater than 33% as of the last day of any fiscal quarter, (iii) a ratio of loan loss reserves to non-performing loans not less than 60% as of the last day of any fiscal quarter for the fiscal quarter then ended, (iv) "well-capitalized" status at all times, and (v) a fixed charge coverage ratio not less than 2.50 to 1.0 as of the last day of any fiscal quarter for the four fiscal quarter period then ended.

The foregoing summary of the Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Credit Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.



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

To the extent required, the information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1    Credit Agreement, dated as of August 8, 2013, among BancorpSouth, Inc.,
        U.S. Bank National Association, as a lender and administrative agent, and
        First Tennessee Bank, National Association, as a lender.


  Add BXS to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BXS - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.