Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - INX Inc | ex99-1.htm |
| EX-10.1 - AMENDMENT - INX Inc | ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report: (Date of earliest event reported): December 23,
2009 (December 21, 2009)
INX
Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
of Incorporation)
|
1-31949
Commission
file number
|
76-0515249
(I.R.S.
Employer Identification No.)
|
11757
Katy Freeway
Houston,
Texas 77079
(Address
of Registrant’s principal executive offices)
(713)
795-2000
(Registrant’s
telephone number, including area code)
(Not
Applicable)
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On
December 21, 2009, INX Inc. (“the Company”) entered into an amendment effective
December 16, 2009 with Castle Pines Capital LLC (“CPC”) to the Company’s senior
credit facility (“Amendment”). The Amendment extends the senior
credit facility to December 31, 2011, and increases the maximum aggregate line
of credit to $70 million from $60 million. The senior credit facility
is used primarily for the Company’s inventory financing and working capital
requirements. The Amendment also modified the senior credit
facilities’ financial covenants as follows:
Current
ratio – minimum requirement increased from 1.10 to 1.15.
Tangible
net worth – minimum requirement increased from $8 million to $11
million.
Total
liabilities to tangible net worth – minimum requirement changed from a maximum
of 7:1 to a maximum of 6:1.
Minimum
working capital requirement –financial covenant was eliminated.
The
Company is in compliance with the financial covenants and anticipates that it
will be able to comply with the financial covenants during the next twelve
months.
Item
7.01
Regulation FD Disclosure.
On
December 23, 2009, the registrant issued a press release announcing the
Amendment. The press release is furnished as Exhibit 99.1 to this Current Report
and is hereby incorporated by reference in this Item 7.01. The
information being furnished in this report (including Exhibit 99.1) is furnished
pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall such information be deemed incorporated
by reference in any other filing under the Securities Act of 1933, as
amended.
Item 9.01
Financial
Statements and Exhibits
|
(c)
|
Exhibits
|
|
Exhibit
Number
|
Description
|
|
10.1
|
Amendment
to Amended and Restated Credit Agreement and Amendment to Amended and
Restated Financial Covenants Amendment to Amended and Restated Credit
Agreement between INX Inc. and Castle Pines Capital LLC
|
|
99.1
|
Press
Release issued December 23, 2009
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Date: December
23, 2009
|
INX
Inc.
|
||
|
By:
|
/s/
Brian Fontana
|
||
|
Brian
Fontana
|
|||
|
Chief
Financial Officer
|
|||
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
10.1
|
Amendment
to Amended and Restated Credit Agreement and Amendment to Amended and
Restated Financial Covenants Amendment to Amended and Restated Credit
Agreement between INX Inc. and Castle Pines Capital LLC
|
|
99.1
|
Press
Release issued December 23,
2009
|