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):September 4, 2008
CAGLE’S, INC.
(Exact name of registrant as specified in its charter)
Georgia……………….……………1-7138…………..…..……… 58-0625713
(State or other jurisdiction of incorporation)……...(Commission File Number) ..........(I.R.S. Employer Identification No.)
2000 Hills Avenue, N.W., Atlanta, Ga.…….…………30318
(Address of principal executive offices)……………….………(Zip Code)
(404) 355-2820
(Registrant’s telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report)
Check the appropriate box 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))
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Section 2 - FINANCIAL INFORMATION
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On September 4, 2008, Cagle’s, Inc. and its wholly owned subsidiary Cagle Farms, Inc. (the "Company") signed a Third Amended and Restated Revolv
ing Line of Credit and Security Agreement (the “Agreement”), effective as of September 4, 2008, with AgSouth Farm Credit, ACA, an agricultural credit association ("the Association").
There are four primary changes to the existing Agreement between the parties:
1. The revolving credit facility (“Facility”) is now in the amount of $21,000,000.
2. The covenant concerning the Borrowers’ Minimum Tangible Net Worth is temporarily being reduced from $40,000,000.00 to $35,000,000.00.
3. The advance rate with respect to Eligible Receivables is being increased from 60% to 70%.
4. The Borrowers are re-confirming, effective as of the Effective Date of This Restated Agreement, all of the representations, warranties, and co
venants originally made by the Borrowers in the Agreement
No other changes to the Agreement materially modify the description in the Company’s previous 8-K filings.
