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 23, 2009
Cagle’s, Inc.
(Exact name of registrant as specified in its charter)
Georgia | | 1-7138 | | 58-0625713 |
(State or other jurisdiction | | (Commission | | (I.R.S. Employer |
of incorporation) | | File Number) | | Identification No.) |
| | | | |
1385 Collier Road NW, Atlanta, GA | | 30318 |
(Address of principal executive offices) | | (Zip Code) |
(404) 355-2820
(Registrants 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):
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))
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 November, 23, 2009, Cagle’s, Inc. and its wholly owned subsidiary Cagle’s Farms, Inc. (the “Company”) entered into Amendment Number 4 to the Third Amended and Restated Revolving Line of Credit and Security Agreement (the “Agreement”) wit h AgSouth Farm Credit, ACA, an agricultural credit association (“the Association”).
There are four primary changes to the existing Agreement between the parties:
1. The maturity date of the $21,000,000 portion of the revolving credit facility (“Facility”) is being extended to March 31, 2012.
2. ; The maturity date of the $4,150,000 portion of the revolving credit facility (“Facility”) is being extended to November 23, 2010.
3. The minimum tangible net worth covenant as defined in Section 11.3 of the Agreement shall remain at $30,000,000 until July 3, 2010; commencing as of July 4, 2010 and ending on January 3, 2011, the minimum tangible net worth must not be less than $35,000,000 at any time; and commencing as of January 4, 2011, and at all times thereafter, the minimum tangible net worth must not be less than $40,000,000 at any time.
4 . The facility advance rate with respect to eligible inventories is restored to 40% from 60% and the advance rate with respect to eligible receivables is maintained at 80%.
The Borrowers are re-confirming, effective as of the October 31, 2009 Effective Date of this Amendment, all of the representations, warranties, and covenants 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.
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.
Cagle’s, Inc. | |
(Registrant) | |
| |
Date: November 25, 2009 | |
| |
By: | /s/ Mark M. Ham IV | |
| Mark M. Ham IV | |
| Executive Vice President and | |
| Chief Financial Officer | |
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