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UTIW > SEC Filings for UTIW > Form 8-K on 21-Apr-2014All Recent SEC Filings

Show all filings for UTI WORLDWIDE INC

Form 8-K for UTI WORLDWIDE INC


21-Apr-2014

Termination of a Material Definitive Agreement


Item 1.02 Termination of a Material Definitive Agreement.

As previously disclosed by UTi Worldwide Inc. ("UTi"), in connection with UTi's recent refinancing on March 27, 2014 the Company repaid the cash draw portion of its 2011 credit facility with Nedbank Limited ("Nedbank") acting through its London Branch (the "2011 Nedbank Facility"). As of April 15, 2014, UTi entered into a Deed of Charge and deposited $10.0 million with Nedbank to cash collateralize the letters of credit which were then outstanding under the 2011 Nedbank Facility. In connection therewith, as of April 15, 2014 the 2011 Nedbank Facility and all commitments thereunder were terminated and all obligations of UTi thereunder satisfied (other than specific contingent indemnification obligations for which no claim or demand has been made and other limited provisions which survive the termination of the agreement).


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