Attached files
| file | filename |
|---|---|
| EX-99.2 - PALM HARBOR HOMES INC /FL/ | v170176_ex99-2.htm |
| EX-99.1 - PALM HARBOR HOMES INC /FL/ | v170176_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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 29,
2009
|
Palm
Harbor Homes, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Florida
(State or
Other Jurisdiction of Incorporation)
|
0-24268
|
59-1036634
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
15303 Dallas Parkway, Suite 800, Addison,
Texas
|
75001
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(972)
991-2422
(Registrant’s
Telephone Number, Including Area Code)
(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:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ 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 29, 2009, Palm Harbor Homes, Inc., a Florida corporation (the
“Company”), and its wholly-owned subsidiaries Palm Harbor Manufacturing, L.P., a
Texas limited partnership (collectively, the “Borrowers”) and for purposes of
Section 11 thereof, CountryPlace Acceptance Corporation, a Nevada corporation,
entered into the Seventh Amendment (the “Seventh Amendment”) to Amended and
Restated Agreement for Wholesale Financing (Finished Goods – Shared Credit
Facility) (the “Credit Agreement”) with Textron Financial Corporation, as lender
and administrative agent and arranger (“Textron”). Under the Seventh
Amendment, Textron has agreed to waive certain specified events of default and
Borrowers covenant that they will maintain, as of December 31, 2009, finished
goods inventory of not less than $68,000,000. Additionally, pursuant
to the Seventh Amendment, the Credit Agreement was amended to, among other
things, increase the total credit to $45,000,000 through January 31, 2010 and
$40,000,000 thereafter. In connection with the Seventh Amendment, the
Company entered into a Pledge Agreement (the “Pledge Agreement”) with Textron,
dated as of December 29, 2009, under which Textron perfected a security interest
in the outstanding stock of Standard Casualty Company.
The
foregoing summary set forth in response to this Item 1.01 is qualified by
reference to the full text of the Seventh Amendment attached as Exhibit 99.1 and
the Pledge Agreement attached as Exhibit 99.2.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit No.
|
Description
|
|
|
99.1
|
Seventh
Amendment to Amended and Restated Agreement for Wholesale Financing
(Finished Goods – Shared Credit Facility) by and between Textron Financial
Corporation, and Palm Harbor Homes, Inc. and Palm Harbor Manufacturing,
L.P., as Borrowers, and for purposes of Section 11 CountryPlace Acceptance
Corporation, dated December 29, 2009.
|
|
|
99.2
|
Pledge
Agreement, between Palm Harbor Homes, Inc. and Textron Financial
Corporation, dated as of December 29,
2009.
|
2
SIGNATURE
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: January
4, 2010
|
PALM
HARBOR HOMES, INC.
|
||
|
By:
|
/s/
Kelly Tacke
|
|
|
Kelly
Tacke
|
||
|
Chief
Financial and Accounting
Officer
|
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