0001193125-15-312483.txt : 20150904 0001193125-15-312483.hdr.sgml : 20150904 20150904090029 ACCESSION NUMBER: 0001193125-15-312483 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20150903 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20150904 DATE AS OF CHANGE: 20150904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFSWEB INC CENTRAL INDEX KEY: 0001095315 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 752837058 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28275 FILM NUMBER: 151093413 BUSINESS ADDRESS: STREET 1: 505 MILLENNIUM DRIVE CITY: ALLEN STATE: TX ZIP: 75013 BUSINESS PHONE: 972-881-2900 MAIL ADDRESS: STREET 1: 505 MILLENNIUM DRIVE CITY: ALLEN STATE: TX ZIP: 75013 8-K 1 d71194d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

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): September 3, 2015

 

 

PFSweb, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   000-28275   75-2837058

(State or other jurisdiction

Of incorporation)

   (Commission File Number)  

(IRS Employer

Identification No.)

 

505 Millennium Drive

Allen, TX

   75013
(Address of principal executive offices)   (zip code)

(972) 881-2900

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

N/A

(Former name or former address, if changed since last report)

 

 

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))

 

 

 

Item 1.01. Entry into a Material Definitive Agreement

As previously reported, on August 5, 2015, the Company and its U.S. subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with Regions Bank, as Administrative Agent and Collateral Agent (“Regions”), pursuant to which, and subject to the terms set forth therein, Regions agreed to provide the Company’s subsidiary, Priority Fulfillment Services, Inc. (“PFS”), with an initial $30 million revolving loan facility and an initial $10 million term loan facility, As of August 21, 2015, the Credit Agreement was amended to increase the revolving loan facility to $32.5 million and increase the term loan facility to $20 million.

As contemplated by the Credit Agreement, on September 3, 2015, PFS, the Company and its other U.S. subsidiaries entered into a Second Incremental Loan Commitment Increase Agreement (the “Second Increase Agreement”) with Regions, Bank of America N.A. and HSBC Bank USA, National Association, as lenders. Under the terms of the Second Increase Agreement, the Credit Agreement was amended to increase the term loan facility to $30 million. Subject to the terms of the Credit Agreement, PFS has the ability to increase the total loan facilities to $75 million.

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.

Date: September 4, 2015

 

PFSweb, Inc.
By:   /s/ Thomas J. Madden
Name:   Thomas J. Madden
Title:  

Executive Vice President and

Chief Financial and Accounting Officer