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) November 28, 2006
Universal Truckload Services, Inc.
(Exact name of registrant as specified in its charter)
| | | | |
| Michigan | | 120510 | | 38-3640097 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
11355 Stephens Road, Warren, Michigan
(Address of principal executive offices)
48089
(Zip Code)
(586) 920-0100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, 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):
| ¨ | 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 1.01. Entry into a Material Definitive Agreement
Universal Truckload Services, Inc. and First Tennessee Bank National Association entered into a Loan Agreement dated November 28, 2006 for the period November 28, 2006 to May 31, 2008. The previous Loan Agreement with First Tennessee Bank National Association, dated March 2002 and further amended at various times, has been terminated due to the expiration of its term.
Under the agreement, the unsecured line of credit has maximum permitted borrowings of $20 million and bears interest at a rate equal to LIBOR plus 1.65%. The agreement contains various financial and restrictive covenants to be maintained by us that include a requirement to maintain a tangible net worth of at least $85 million and a ratio of total liabilities to tangible net worth ratio not to exceed 1 to 1.
Item 9.01FINANCIAL STATEMENTS AND EXHIBITS
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| Exhibit No. | | Description |
| 10.1 | | Loan Agreement between Universal Truckload Services, Inc. and First Tennessee Bank National Association, dated November 28, 2006. |
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, thereunto duly authorized.
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| | | UNIVERSAL TRUCKLOAD SERVICES, INC. |
| |
| Date: December 1, 2006 | | /s/ Robert E. Sigler |
| | Robert E. Sigler |
| | Vice President, Chief Financial Officer, Secretary and Treasurer |
