Attached files
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| EX-10.1 - AMENDMENT NO. 4 TO THE RECEIVABLES FINANCING AGREEMENT - VOLT INFORMATION SCIENCES, INC. | ss16650_ex1001.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): October 28, 2016
VOLT INFORMATION SCIENCES, INC.
(Exact name of registrant as specified in its charter)
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New York
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001-9232
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13- 5658129
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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1133 Avenue of the Americas, New York, New York
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10036
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(Address of principal executive offices)
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(Zip Code)
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(212) 704-2400
(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 (see General Instruction A.2. below):
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£
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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£
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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£
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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£
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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Volt Information Sciences, Inc. (the “Company”) has entered into Amendment No. 4, dated October 28, 2016 (“Amendment No. 4”), to its Receivables Financing Agreement, dated as of July 30, 2015 (the “Financing Program”).
Amendment No. 4 reduces the minimum liquidity level covenant to $35.0 million from $50.0 million for the period beginning October 31, 2016 and continuing through the earlier of: (i) the date of sale of the Company’s subsidiary Maintech, Incorporated, at which time the minimum liquidity level increases to $40.0 million, and (ii) the expiration of the Financing Program on January 31, 2017 (the “Expiration Date”). Amendment No. 4 also adds a negative covenant prohibiting share buybacks or dividends by the Company through the Expiration Date.
The remaining material terms and conditions of the Financing Program are substantially unchanged.
The foregoing summary of Amendment No. 4 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 4, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1, and is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits:
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Exhibit No.
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Description of Exhibit
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10.1
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Amendment No. 4, dated as of October 28, 2016, to the Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., as borrower, PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time party thereto as lenders and letter of credit participants, and Volt Information Sciences, Inc., as initial servicer.
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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.
| VOLT INFORMATION SCIENCES, INC. | ||||
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Date: October 31, 2016
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By: | /s/ Paul Tomkins | ||
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Paul Tomkins, Senior Vice President and
Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit No.
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Description of Exhibit
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10.1
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Amendment No. 4, dated as of October 28, 2016, to the Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., as borrower, PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time party thereto as lenders and letter of credit participants, and Volt Information Sciences, Inc., as initial servicer.
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