Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - COMVERGE, INC. | exhibit99_1.htm |
| EX-10.1 - MATERIAL CONTRACT - COMVERGE, INC. | exhibit10_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 reported event): February 5,
2010
Commission
File No. 001-33399
______________
COMVERGE,
INC.
(Exact
name of registrant as specified in its charter)
______________
|
DELAWARE
|
22-3543611
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
120
Eagle Rock Avenue, Suite 190
East
Hanover, New Jersey 07936
(Address
of Principal Executive offices) (Zip Code)
Registrant’s
Telephone Number, including Area Code: (973) 884-5970
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))
On
February 5, 2010, Comverge, Inc. and its wholly owned subsidiaries Enerwise
Global Technologies, Inc, Comverge Giants, LLC, Public Energy Solutions, LLC,
Public Energy Solutions NY, LLC, Clean Power Markets, Inc., and Alternative
Energy Resources, Inc., entered into a second amendment to its existing credit
and term loan facility with Silicon Valley Bank. The second amendment increases
the revolver loan by an additional $20 million bringing the total revolver loan
to $30 million for borrowings to fund general working capital and other
corporate purposes and issuances of letters of credit. The second
amendment also added Alternative Energy Resources, Inc., a wholly owned
subsidiary of Comverge, as a borrower and extended the term of the facility by
one year to December 2012. In connection with the extension of the
term of the credit facility, a commitment fee of $100,000 was paid on February
5, 2010, and additional commitment fees of $75,000 are payable on each of
February 5, 2011 and February 5, 2012.
The
interest on revolving loans under the amended facility shall accrue at either
(A) a rate per annum equal to the greater of the Prime Rate or 4% plus the Prime
Rate Advance Margin, or (B) a rate per annum equal to the LIBOR Advance Rate
plus the LIBOR Rate Advance Margin, as such terms are defined in the amended
facility agreement. The second amendment also sets forth certain
financial ratios to be maintained by the borrowers on a consolidated
basis. The obligations under the amended facility are secured by all
assets of Comverge and its other borrower subsidiaries, including Alternative
Energy Resources. All other terms and conditions of the credit facility remain
the same and in full force and effect. The foregoing summary of the second
amendment is not complete and is qualified in its entirety by reference to the
full text of the Second Amendment to Loan and Security Agreement, a copy of
which is attached hereto as Exhibit 10.1.
Item
2.03 Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement
of a Registrant.
The
information set forth in Item 1.01 above is hereby incorporated by reference in
this Item 2.03.
On
February 8, 2010, Comverge issued a press release announcing the amendment to
its credit facility described in Item 1.01 above. A copy of the press
release is furnished as Exhibit 99.1 to this report.
None of
the information furnished in Item 7.01 and the accompanying Exhibit 99.1 will be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, nor will it be incorporated by reference into any registration
statement filed by the Company under the Securities Act of 1933, as amended,
unless specifically indentified therein as being incorporated therein by
reference.
Item
9.01 Financial
Statements and Exhibits.
|
(c)
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Exhibits.
|
|
Description
|
|
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10.1
|
Second
Amendment to Loan and Security Agreement by and among Comverge, Inc.,
Enerwise Global Technologies, Inc., Comverge Giants, LLC, Public Energy
Solutions, LLC, Public Energy Solutions NY, LLC, Clean Power Markets, Inc.
and Alternative Energy Resources, Inc., and Silicon Valley Bank, dated
February 5, 2010.
|
|
99.1
|
Press
release, dated February 8, 2010 (furnished
herewith).
|
SIGNATURES
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.
COMVERGE,
INC.
By: /s/ Michael
Picchi
Name: Michael
Picchi
Title: Interim
President and Chief Executive Officer;
Executive Vice President and Chief
Financial Officer
Dated:
February 11, 2010
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Exhibit No.
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Description
|
|
10.1
|
Second
Amendment to Loan and Security Agreement by and among Comverge, Inc.,
Enerwise Global Technologies, Inc., Comverge Giants, LLC, Public Energy
Solutions, LLC, Public Energy Solutions NY, LLC, Clean Power Markets, Inc.
and Alternative Energy Resources, Inc., (collectively, “Borrowers”) and
Silicon Valley Bank (“Lender”), dated February 5, 2010.
|
|
99.1
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Press
release, dated February 8, 2010 (furnished
herewith).
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