8-K 1 x8k-304.txt 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) March 9, 2004 ORION ACQUISITION CORP. II -------------------------- (Exact Name of Registrant as Specified in its Charter) DELAWARE 000-20837 -------- --------- (State or other jurisdiction of incorporation) (Commission File No.) 401 WILSHIRE BOULEVARD - 1020 SANTA MONICA CALIFORNIA 90401 ----------------------- ----- (Address of principal executive offices) (Postal Code) Registrant's telephone number, including area code (310) 526-5000 ITEM 5. OTHER EVENTS AND FD DISCLOSURE Orion Acquisition Corp. II, on March 9, 2004, entered into a second promissory note to lend an additional $250,000 to Citadel Media, Inc. for general working capital and acquisitions. Together with the loan made in December 2003, Orion has lent an aggregate of $750,000 to Citadel. The loans are due June 30, 2004, bear interest at the rate of 10% and are secured with substantially all the assets of Citadel and its subsidiaries. The loans are convertible in certain circumstances into preferred stock and a warrant of Citadel. The loans are in anticipation of Orion and Citadel completing negotiations for the merger of Citadel with Orion, with Orion as the surviving corporation. The terms of the proposed merger must be finalized and reflected in a definitive merger agreement. There is no assurance that Orion will be able to conclude such a merger agreement and any merger will be subject to numerous conditions and other requirements, including stockholder approval by Citadel and regulatory filings with the Securities and Exchange Commission. ITEM 7. FINANCIAL STATEMENT AND EXHIBITS a) Financial Statements Not applicable b) Exhibits 10.1 Form Promissory Note of Citadel Media Inc. dated March 9, 2004 10.2 Form of First Modification to the Security Agreement of Citadel Media Inc. and subsidiaries dated December 9, 2003. 1 SIGNATURE PAGE 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. Date: March 10, 2004 ORION ACQUISITION CORP. II By: /s/ Dyana Marlett --------------------- Name: Dyana Marlett Title: Secretary 2