Universal Technical Institute 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 26, 2007
UNIVERSAL TECHNICAL INSTITUTE, INC.
(Exact name of registrant as specified in its charter)
Registrant's telephone number, including area code: (623) 445-9500
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
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 26, 2007 , Universal Technical Institute, Inc. (the "Company"), a Delaware corporation, entered into a Second Modification Agreement with Wells Fargo Bank, National Association, modifying the revolving Credit Agreement dated October 26, 2004 as amended, incorporated herein in its entirety by this reference. The Second Modification Agreement is filed herewith as Exhibit 10.1. The description and summary of the Second Modification Agreement set forth under Item 2.03 of this Report, are incorporated herein in their entirety by this reference and are qualified in their entirety by the Second Modification Agreement and the related credit documents.
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On October 26, 2007, the Company signed a second modification to the credit agreement (the "Second Modification Agreement") with Wells Fargo Bank, National Association (the "Lender"), that modified the Credit Agreement dated October 26, 2004 as amended by the Modification Agreement dated July 5, 2006 (as amended, the “Credit Agreement”). The Second Modification Agreement provides for a line of credit up to $30 million and extends the term of the Credit Agreement through October 26, 2009. In addition, the Second Modification Agreement includes certain changes to the financial covenants that the Company must maintain. Under the Second Modification Agreement, the Company must maintain:
The Company's indebtedness under the Credit Agreement, as modified, is unsecured and is guaranteed, jointly and severally, by its wholly owned subsidiaries.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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.