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):March 28, 2016 |
| |
| | Point.360 | |
| | (Exact name of registrant as specified in its charter) | |
| | | | | |
| California | | 0-21917 | | 01-0893376 |
| (State or other jurisdiction | | (Commission | | (I.R.S. Employer |
| of incorporation) | | File Number) | | Identification No.) |
| | | | | |
2701 Media Center Dr. Los Angeles, California | | | | 90065 |
| (Address of principal executive offices) | | | | (Zip Code) |
| | | |
| Registrant’s telephone number, including area code: | (818) 565-1400 | |
| | 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 2.03. CREATION OF A DIRECT FINANCIAL OBILIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On March 28, 2016, Point.360 (the “Company”) entered into a Second Amendment to Loan and Security Agreement (together with the original Loan and Security Agreement dated February 13, 2015 as amended, the “Agreement”) with Summit Financial Resources, L.P. which increased the amount of credit available under the Agreement from $2,000,000 to $4,000,000 based on eligible accounts receivable. The Agreement provides that interest is calculated at prime rate (currently 3.50%) plus 1.0%, and a monthly maintenance fee of 0.45% of the amount outstanding under the Agreement. Amounts due under the Agreement are secured by accounts receivable and other personal property of the Company.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
10.1 Second Amendment to Loan and Security Agreement dated March 28, 2016 between the Company and Summit Financial Resources, L.P.
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.
| | | | | |
| | | Point.360 |
| | | | | |
| March 31, 2016 | | By: | | /s/ Alan R. Steel |
| | | | | Name: Alan R. Steel |
| | | | | Title: Executive Vice President |
| | | | | Finance and Administration |
| | | | | Chief Financial Officer |
