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): December 18, 1997
TRANSIT GROUP, INC.
(Exact name of Registrant as specified in its charter)
Florida 33-30123-A 59-2576629
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation or
organization)
2859 Paces Ferry Road
Suite 1740
Atlanta, Georgia 30339
(Address of principal executive offices, including zip code)
(770) 444-0240
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On December 18, 1997, the Registrant, as Guarantor, and Carroll
Fulmer & Company, Inc., Carolina Pacific Distributors, Inc., Capitol Warehouse,
Inc. and Service Express, Inc. (collectively, the "Co-Borrowers") entered into
an Advised Revolving Line of Credit Agreement with AmSouth Bank (the "Lender")
for a revolver/term credit facility of up to $20 million. The credit facility
provides for LIBOR or prime-rate pricing options, is secured by accounts
receivable by the Co-Borrowers and expires in May 2000. The credit facility will
immediately be used to retire approximately $5 million outstanding in a line of
credit issued to one of the Registrant's operating subsidiaries. In addition,
the credit facility will support the Registrant's acquisition program and
working capital needs.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Advised Revolving Line of Credit Agreement dated as of
December 18, 1997, as amended by Amendment to Advised Revolving Line of Credit
Agreement dated as of January 14, 1998, by and among the Lender, the
Co-Borrowers and the Registrant.
99.2 Revolving Credit Note dated as of December 18, 1997, by
and among the Lender and the Co-Borrowers.
99.3 Security Agreement dated as of December 18, 1997, by and
among the Lender and the Co-Borrowers.
99.4 Joinder to Advised Revolving Line of Credit Agreement and
Joinder to Security Agreement dated as of January 14, 1998 by Rainbow Trucking
Services, Inc.
99.5 Press Release.
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.
TRANSIT GROUP, INC.
Date: February 10, 1998 /s/ Philip A. Belyew
--------------------
Philip A. Belyew
President and Chief Executive Officer