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UTIW > SEC Filings for UTIW > Form 8-K on 26-Dec-2013All Recent SEC Filings

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Form 8-K for UTI WORLDWIDE INC


26-Dec-2013

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


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

Effective December 23, 2013, UTi Worldwide Inc. ("UTi" or the "Company"), and certain of its subsidiaries as guarantors, entered into the Fourth Amendment Agreement to the Amended and Restated Letter of Credit and Cash Draw Agreement (the "Fourth Amendment") with Nedbank Limited, acting through its London Branch ("Nedbank London"). The Fourth Amendment amends the Company's existing Amended and Restated Letter of Credit and Cash Draw Agreement with Nedbank London (the "Existing Agreement") to, among other things, (i) increase the cash draw facility to $85,000,000 until March 15, 2014 at which time it will be reduced to the current amount of $55,000,000, (ii) decrease the letter of credit commitment amount to $15,000,000 until March 15, 2014 and then increase it to $25,000,000 thereafter, and (iii) provide the Company with the ability to increase the letter of credit commitment by $20,000,000, in the aggregate, at any time after March 15, 2014. In connection with the Fourth Amendment, the Company and the subsidiary guarantors made customary representations and warranties.

Except as amended by the Fourth Amendment, the terms and conditions of the Existing Agreement remain in effect. For a description of the material terms and conditions of the Existing Agreement prior to the Fourth Amendment, see the disclosures concerning the Existing Agreement set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Credit Facilities and Senior Notes-Bank Lines of Credit" found in Part I. Item 2 of the Company's Form 10-Q filed with the Securities and Exchange Commission on December 10, 2013.

An affiliate of Nedbank London, Nedbank Limited, acting through its Corporate Banking Division, is the lender under UTi's 2009 South African rand (ZAR) revolving credit facility.

A copy of the Fourth Amendment is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits

Exhibits



Exhibit                                   Description

10.1         Fourth Amendment Agreement to Amended and Restated Letter of Credit
             and Cash Draw Agreement dated December 23, 2013, by and among UTi
             Worldwide Inc. and certain of its subsidiaries and Nedbank Limited
             acting through its London Branch.


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