UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 8, 2005
TeamStaff, Inc.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-18492
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New Jersey 22-1899798
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
300 Atrium Drive
Somerset, NJ 08873
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(Address and zip code of principal executive offices)
(732) 748-1700
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(Registrant's telephone number, including area code
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))
Note: Form 8-K Amendment.
TeamStaff, Inc. has filed to amend its Form 8-K previously filed on June 10,
2005 to correct a typographical error contained in the original filing and in
the Press Release attached as exhibit 99.1 to the Form 8-K.
The typographical error was contained in Item 2.03 and incorrectly stated the
interest rate of the loan facility. The correct interest rate is reflected in
this Form 8-k/A and in the attached press release dated June 13, 2005
Item 2.03 Creation of a Direct Financial Obligation
TeamStaff, Inc. closed a $7,000,000.00 revolving credit facility to provide
receivables financing and funding of a portion of the purchase price. The credit
facility was provided by PNC Bank effective on June 8, 2005 to (i) provide for
the acquisition of RS Staffing; (ii) refinance the current senior loan facility;
and (iii) provide ongoing working capital. Revolving Credit advances will bear
interest at a rate approximating the Prime Rate plus 25 bps or LIBOR plus 275
basis points, whichever is higher. The facility has a three-year life and
contains term and line of credit borrowing options. The facility is subject to
certain restrictive covenants, including minimum net worth, leverage and a
minimum consolidated debt service coverage ratio. The facility is subject to
acceleration upon non-payment or various other standard default clauses.
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information
None.
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.
Dated: June 13, 2005
TeamStaff, Inc.
By: /s/ James D. Houston
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Name: James D. Houston
Title: Vice President of Business and
Legal Affairs/General Counsel
