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) June 29, 2007
The Inventure Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
| 1-14556 |
| 86-0786101 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
5050 N. 40th St., Suite 300, Phoenix, AZ |
| 85018 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code (623) 932-6200
(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:
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))
Item 1.01 Entry into a Material Definitive Agreement.
The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
In connection with our acquisition by our subsidiary, Rader Farms Acquisition Corp. (“Acquisition Sub”), of substantially all of the assets of Rader Farms, Inc. (“Rader Farms”), we entered into a Term Loan Agreement (the “Loan Agreement”) with U.S. Bank National Association (“U.S. Bank”). Each of our subsidiaries is a guarantor of the Loan Agreement, which is secured by Acquisition Sub’s leasehold interest in the real property we are leasing from the former shareholders of Rader Farms. The Loan Agreement provides for a term loan of $4,000,000 maturing on July 1, 2017. We used the proceeds of this loan to reduce our outstanding revolving line of credit with U.S. Bank.
All borrowings under the term loan will bear interest at the 30-day LIBOR rate, plus 1.65%. As is customary in such financings, U.S. Bank may terminate its commitments and accelerate the repayment of amounts outstanding and exercise other remedies upon the occurrence of an event of default (as defined in the Loan Agreement), subject, in certain instances, to the expiration of an applicable cure period.
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.
| The Inventure Group, Inc. |
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| (Registrant) |
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Date July 9, 2007 |
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| /s/ Steve Weinberger |
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| (Signature) |
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| Steve Weinberger |
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| Chief Financial Officer |
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