Delta Financial Corp - Current report filing (8-K)
05 10월 2007 - 7:02PM
Edgar (US Regulatory)
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 4, 2007
Delta
Financial Corporation
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
1-12109
|
11-33336165
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
1000
Woodbury Road, Suite 200, Woodbury, New York 11797-9003
(Address
of principal executive
offices) (Zip
Code)
Registrant's
telephone number, including area code:
(516) 364-8500
N/A
(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
8.01. Other Events.
On
October 4, 2007, Delta Financial Corporation’s (the “Registrant” or “Company”)
stockholders approved both proposals presented
at a special meeting of stockholders,
relating to the Company’s August 2007 financings. First, the
stockholders approved the issuance of shares of the Company’s common stock upon
the exercise of warrants held by affiliates of Angelo, Gordon & Co.,
L.P.. As a result of the approval, the warrants are now exercisable
for a total of 10.0 million shares of the Company’s common stock, at an exercise
price of $5.00 per share. Second, the stockholders approved the
issuance of 2.0 million shares of the Company’s common stock to entities managed
by Mr. Mohnish Pabrai. As a result of this approval, the convertible
notes purchased by these entities in August 2007 will automatically convert
into
2.0 million shares of common stock as of October 4, 2007, resulting in a $10.0
million increase in the Company’s capital.
The
proposals approved by the stockholders completed the August 2007 financing
transactions with Angelo, Gordon & Co., L.P. and Pabrai Investment Funds,
which provided an infusion of $70.0 million
in liquidity to the Company
during
a very turbulent, unpredictable
time period for the industry.
In connection with the
August 2007 warrant and convertible note issuances, the Company borrowed $60.0
million through a repurchase financing facility initiated with Angelo, Gordon
& Co., L.P. and issued $10.0 million of convertible notes to entities
managed by Mohnish Pabrai.
Additionally,
in September 2007, the
Company completed a securitization backed by $900.0 million of mortgage loans
which was accounted for as a sale. On September 28, 2007, the Company
did not renew its warehouse credit facility with Bank of America, thus reducing
its borrowing capacity to $2.0 billion (down from $2.5 billion of borrowing
capacity at June 30, 2007) under four facilities ($1.25 billion of which is
committed). The Company has approximately $406.7 million outstanding
on these warehouse facilities as of September 30, 2007 and believes it has
sufficient capacity to fund its loan originations.
The
information in the preceding paragraphs shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filings under the Securities Act of
1933.
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.
DELTA
FINANCIAL CORPORATION
(Registrant)
By:
/s/
Marc E.
Miller
Name:
Marc E.
Miller
Title:
Executive Vice
President
and
Secretary
Dated:
October 4, 2007
Delta Financial (MM) (NASDAQ:DFC)
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