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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): January 24, 2005
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KRISPY KREME DOUGHNUTS, INC.
(Exact name of registrant as specified in its charter)
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North Carolina 001-16485 56-2169715
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
370 Knollwood Street, Winston-Salem, North Carolina 27103
(Address of principal executive offices)
Registrant's telephone number, including area code: (336) 725-2981
Not Applicable
(Former name or former address, if changed since last report)
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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))
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Item 1.01. Entry into a Material Definitive Agreement.
On January 25, 2005, Krispy Kreme Doughnuts, Inc. (the "Company") issued a
press release (the "Press Release") announcing that the lenders under its Credit
Facility have agreed to defer until March 25, 2005 the date on which an event of
default would occur by reason of the Company's failure to deliver financial
statements for the quarter ended October 31, 2004. In addition, the Company said
it had agreed to certain amendments to its Credit Facility. These amendments
provide for (i) a limitation on the issuance, extension and renewal of letters
of credit (other than renewals which do not increase the amounts thereof)
without lender consent, (ii) a limitation on additional revolving credit or
swing loan borrowings without lender consent and (iii) a limitation on the
creation of guarantees in respect of debt incurred by the Company's joint
ventures (subject to certain pending and projected projects). These amendments
remain effective whether or not such financial statements are delivered.
A copy of the Second Amendment to Credit Agreement, Waiver and Limited
Consent is attached hereto as Exhibit 10.1. A copy of the Press Release is
attached hereto as Exhibit 99.1 and the information contained in the Press
Release is incorporated in this Item 1.01 by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits. The following exhibits are filed herewith:
Exhibit No. Description
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10.1 Second Amendment to Credit Agreement, Waiver and Limited
Consent among Krispy Kreme Doughnut Corporation, Krispy
Kreme Doughnuts, Inc., Freedom Rings, LLC, Golden Gate
Doughnuts, LLC, Montana Mills Bread Co., Inc., the lenders
party thereto, Branch Banking and Trust Company, as
Syndication Agent, Bank of America, N.A. and Royal Bank of
Canada, as Co-Documentation Agents, and Wachovia Bank,
National Association, as Administrative Agent and the
Issuing Lender, dated as of January 24, 2005.
99.1 Press release ("Krispy Kreme Announces Lender Consent and
Certain Amendments to Credit Facility") dated January 25,
2005.
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.
KRISPY KREME DOUGHNUTS, INC.
Dated: January 25, 2005
By: /s/ Michael C. Phalen
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Michael C. Phalen
Chief Financial Officer