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UTIW > SEC Filings for UTIW > Form 8-K on 13-Mar-2014All Recent SEC Filings

Show all filings for UTI WORLDWIDE INC



Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement

On March 11, 2014, UTi Worldwide Inc. (the "Company") entered into a cash collateral agreement (the "Cash Collateral Agreement"), with The Royal Bank of Scotland plc, as letter of credit issuing bank (the "Issuing Bank"), and The Royal Bank of Scotland plc, Connecticut branch, as depositary bank (the "Depositary Bank"). The Cash Collateral Agreement was entered into in connection with the Amended and Restated Letter of Credit Agreement, dated as of June 24, 2011, among the Company, the Issuing Bank and the subsidiaries of the Company party thereto (as amended from time to time, the "Credit Agreement"). Pursuant to the Cash Collateral Agreement, the Company has agreed to provide the Issuing Bank with cash collateral in an amount equal to 105% of the undrawn face amount of the letters of credit provided by the Issuing Bank to the Company in accordance with the Credit Agreement. Such cash collateral amount equaled $40,020,581.77 as of March 11, 2014, and such cash collateral was deposited into a segregated cash collateral account maintained at the Depositary Bank and under the sole dominion and control of the Issuing Bank.

The foregoing description of the Cash Collateral Agreement is qualified in its entirety by reference to the full terms and conditions of the Cash Collateral Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit No.   Description

10.1          Cash Collateral Agreement, dated as of March 11, 2014, among UTi
              Worldwide Inc., The Royal Bank of Scotland plc and The Royal Bank of
              Scotland plc, Connecticut branch

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