VHGI - HOLY CRAP!! $65M Loan - non-dilutive - af
Post# of 18
Posted On: 04/28/2013 7:32:21 PM
VHGI - HOLY CRAP!! $65M Loan - non-dilutive - afterhours 8k on Friday.
Filing Date: April 26, 2013
FORM 8-K
Item 1.01 Entry into a Material Definitive Agreement.
(a) On April 22, 2013, VHGI Holdings, Inc. (the “Company”), Lily Group Inc., an Indiana corporation and indirect wholly-owned subsidiary of the Company (“Lily”), and Ariana Turquoise Investment AS, a Marshal Islands corporation (the “Lender”), entered into a loan agreement (the “Loan Agreement”) under which, if all closing conditions are met, the Lender would agree to lend to Lily a total of $65,047,083.33 (the “Loan”), subject to the terms and conditions set forth therein. The Loan would have a term of ten years and accrue interest at a rate of 4.25% per annum, with payments of interest being made annually in advance (except for the first such payment, which could be deducted from the proceeds of the Loan).
In addition to Lender’s completion of additional diligence and other closing conditions set forth in the Loan Agreement , Lender’s obligation to make disbursements under the Loan is expressly conditioned upon the Company's securing of a $13 million letter of credit.
Filing Date: April 26, 2013
FORM 8-K
Item 1.01 Entry into a Material Definitive Agreement.
(a) On April 22, 2013, VHGI Holdings, Inc. (the “Company”), Lily Group Inc., an Indiana corporation and indirect wholly-owned subsidiary of the Company (“Lily”), and Ariana Turquoise Investment AS, a Marshal Islands corporation (the “Lender”), entered into a loan agreement (the “Loan Agreement”) under which, if all closing conditions are met, the Lender would agree to lend to Lily a total of $65,047,083.33 (the “Loan”), subject to the terms and conditions set forth therein. The Loan would have a term of ten years and accrue interest at a rate of 4.25% per annum, with payments of interest being made annually in advance (except for the first such payment, which could be deducted from the proceeds of the Loan).
In addition to Lender’s completion of additional diligence and other closing conditions set forth in the Loan Agreement , Lender’s obligation to make disbursements under the Loan is expressly conditioned upon the Company's securing of a $13 million letter of credit.
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