Equity Media Holdings Corp - Current report filing (8-K)
23 2월 2008 - 7:20AM
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): February 15,
2008
EQUITY
MEDIA HOLDINGS CORPORATION
(Exact
Name of Registrant as Specified in Charter)
|
|
|
Delaware
|
000-51418
|
20-2763411
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
|
|
One
Shackleford Drive, Suite 400
Little
Rock
, Arkansas
|
72211
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (501) 219-2400
(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):
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
February 15, 2008, Equity Media Holdings Corporation (“Company”) entered into a
new credit facility with Silver Point Finance, LLC and Wells Fargo Foothill,
Inc. This agreement refinances the existing credit facility with the same
parties and provides Equity Media with the release of certain reserves.
In order
to comply with certain provisions of the new agreement, the company agreed
to
pursue the sale of certain assets. The full text of the press release issued
on
February 21, 2008, in connection with this appointment is attached as Exhibit
99.1 to this Current Report on Form 8-K. The Company is also exploring
additional financing alternatives to meet its short-term and long-term
capital
requirements.
The
previously existing facility consisted of a $30,962,500 revolver with a
$5,000,000 holdback, and $20,000,000 Term A and $12,000,000 Term D loans,
for an
aggregate borrowing capacity of $57,962,500. The amended facility consists
of an $8,000,000 revolver and $12,000,000 Term A and $33,000,000 Term B
loans,
for aggregate borrowing capacity of $53,000,000, with approximately $50.5
million of current availability. The rate under the amended facility
increased from LIBOR plus 7.75% to LIBOR plus 9.5%, with a minimum rate
of 14%.
The amended facility provides for financial and operating covenants based
on
trailing monthly and twelve month information. The total borrowing currently
outstanding under the new facility totals approximately $50.5 million,
which
equals the total current availability.
Copies
of
the agreements relating to the credit facilities amendment will be filed
as
exhibits to the Company’s Annual Report on Form 10-K for the year ended December
31, 2007.
Item
2.03
Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of
a Registrant.
The
disclosure set forth under Item 1.01 above is hereby incorporated by reference
into this Item 2.03.
Item
9.01
Financial
Statements, Pro Forma Financial Information and Exhibits.
|
99.1
|
Press
release, dated February 21, 2008.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
February
21, 2008
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EQUITY
MEDIA HOLDINGS CORPORATION
|
|
|
|
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By:
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/s/ Patrick Doran
|
|
Patrick
Doran
Chief
Financial Officer
|
Equity Media Holdings Corp (MM) (NASDAQ:EMDA)
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