-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Va9mu7pOndY6aYLbGXDjFHj8oYLE5tpmG9z08T1BdA3CPz3dhODX4KmiNmygOkxu 0K7GjVnmO8K8KqX4wFO4IQ== 0001126956-10-000024.txt : 20101005 0001126956-10-000024.hdr.sgml : 20101005 20101005125606 ACCESSION NUMBER: 0001126956-10-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20101001 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20101005 DATE AS OF CHANGE: 20101005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACLEDE GROUP INC CENTRAL INDEX KEY: 0001126956 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 742976504 STATE OF INCORPORATION: MO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16681 FILM NUMBER: 101108453 BUSINESS ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143420500 MAIL ADDRESS: STREET 1: 720 OLIVE ST STREET 2: RM 1517 CITY: ST LOUIS STATE: MO ZIP: 63101 8-K 1 groupcreditlines8-k.htm GROUP CREDIT LINES groupcreditlines8-k.htm
 
 
 
 
 
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):
October 1, 2010
 

 
The Laclede Group, Inc.
720 Olive Street
St. Louis, Missouri 63101
314-342-0500
 
______________
 
(Exact name of registrant as specified in its charter)
(Address of principal executive offices, including zip code)
(Registrant’s telephone number including area code)

Missouri
  
1-16681
 
  
74-2976504
 
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
 
 
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 13e-4(c))

 


 
 
 
 

 
Item 1.01 Entry into a Material Definitive Agreement.
 
On October 1, 2010, The Laclede Group, Inc., a Missouri corporation ("Laclede") entered into a 364-day $30 million credit agreement with U. S. Bank National Association, a national banking association, and a 364-day $20 million credit agreement with PNC Bank National Association, a national banking association (collectively, the “Agreements” and the “Banks”).  These Agreements replace agreements with Bank of America, N. A. and UMB Bank, N. A., both of which expired on October 1, 2010.
 
Laclede expects to use the Agreements for general corporate purposes, including short-term borrowings and letters of credit.  The Agreements provide aggregate credit of up to $50 million.  Borrowings under each of the Agreements bear interest, at Laclede's option, at interest rates tied to fixed or floating LIBOR rates.  Borrowing rates are determined by adding a margin to the LIBOR base rate as described in the Agreements.  Letters of credit are also available under the Agreements.  A commitment fee is payable for any letter of credit at an annual rate equal to the LIBOR margin on the face amount of each letter of credit.  Issuance and other fees for the letters of credit may also be charged by each Bank under its respective published schedule of fees in effect from time to time .
 
The Agreements contain affirmative and negative covenants customary for such agreements, including, among other things, limitations on certain types of acquisitions, investments, and sales of property.  They also contain financial covenants limiting Laclede's consolidated debt to 70% of its consolidated capitalization.  The calculation is more specifically described in each of the Agreements.  The Agreements also contain customary events of default, including, without limitation, payment defaults, covenant defaults, material inaccuracy of representations and warranties, certain events of bankruptcy and insolvency, cross defaults to certain other agreements, and the entry of certain judgments not appealed or satisfied.
 
Payment of any amounts due under either of the Agreements is guaranteed by Laclede's principal non-regulated subsidiary, Laclede Energy Resources, Inc.
 
Laclede paid an upfront fee to each of the Banks for its respective Agreement and during the term of the Agreements will pay each of the Banks a commitment fee on the unused portion of the credit made available under the applicable Agreement.
 
Laclede and its affiliates have or may have customary banking relationships with each of the Banks and their affiliates based on the provision of a variety of financial services including pension fund administration, cash management, investment banking, credit and lockbox services from U. S. Bank and its affiliates and credit services from PNC. None of these relationships are material individually or in the aggregate with respect to any individual party.
 
 
 
 
 
 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement or a Registrant.
 
 
The information set forth under Item 1.01 above is incorporated herein by reference.  Since Laclede expects to use the Agreements for general corporate purposes, no direct financial obligations or obligations under an off-balance sheet arrangement have arisen under the Agreements as of the date hereof.
 

 


 
 
 
 

SIGNATURES
 
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.
 

 
   
THE LACLEDE GROUP, INC.
 
Date: October  4, 2010
  
By: 
 
/s/ M. D. Waltermire
     
M. D. Waltermire
Chief Financial Officer
 
 




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