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): January 10, 2008
TRIAD FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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California
(State or other jurisdiction of
incorporation) | | 333-126538
(Commission File Number) | | 33-0356705
(IRS Employer Identification No.) |
7711 Center Avenue, Suite 100
Huntington Beach, California 92647
(Address of principal executive offices, including zip code)
(714) 373-8300
(Registrant’s telephone number, including area code)
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:
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| o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
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| Item 1.01 | | Entry into a Material Definitive Agreement. |
On January 10, 2008, Triad Financial Corporation (“Triad”) entered into a Warehouse Lending Agreement among Triad Financial Corporation, as originator and servicer, Triad Financial Warehouse Special Purpose LLC, a bankruptcy-remote, special purpose subsidiary as seller, Triad Automobile Receivables Warehouse Trust, a bankruptcy-remote, special purpose subsidiary as borrower, The Bank of New York, as collection account bank (the “Collection Account Bank”), Sheffield Receivables Corporation, in its capacity as a lender (“Sheffield”), Barclays Bank PLC (“Barclays”), in its capacity as a lender and Barclays in its capacity as agent for the lenders (“Agent”) (the “Barclays Warehouse Lending Agreement”). This facility provides up to $500 million of funding for automobile retail installment sales contract receivables originated or purchased by Triad that meet certain eligibility requirements. Under this facility, Triad sells eligible receivables to Triad Financial Warehouse Special Purpose LLC, who in turn transfers the receivables to Triad Automobile Receivables Warehouse Trust, who then pledges the receivables as collateral for its borrowings under the facility. The facility has a two year commitment but may expire after 364 days if the Sheffield liquidity facility is not renewed. Triad will provide a guarantee under the warehouse facility equal to 10% of the amount outstanding at the time the guarantee is drawn.
From time to time, Barclays Bank PLC or its affiliates have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for Triad and its affiliates for which they have received, and will receive, customary fees and expenses.
Triad will file a copy of the Barclays Warehouse Lending Agreement with our next periodic report filed with the SEC.
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.
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| | TRIAD FINANCIAL CORPORATION
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| | /s/ Timothy M. O’Connor | |
| Date: January 11, 2008 | Name: | Timothy M. O’Connor | |
| | Title: | Senior Vice President | |
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