8-K 1 d8k.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): July 28, 2008

 

 

UNIVERSAL CITY DEVELOPMENT PARTNERS, LTD.

UCDP FINANCE, INC.

(Exact name of Registrants as specified in its charter)

 

 

 

Florida

Florida

  333-108661  

59-3128514

42-1581381

(State or other jurisdiction

of incorporation or organization)

  (Commission File Number)  

(I.R.S. employer

identification no.)

 

1000 Universal Studios Plaza

Orlando, FL

  32819-7610

(Address of principal

executive offices)

  (Zip code)

(407) 363-8000

(Registrant’s telephone number, including area code)

 

 

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

A. On July 28, 2008, Universal City Development Partners, Ltd. (“UCDP”) amended the early maturity date feature in the amended and restated credit agreement, (the “senior secured credit facility”) to April 1, 2010 unless both the 11.75% senior notes issued by UCDP, (the “April 2010 notes”) and the floating rate senior notes and the 8.375% senior notes, (collectively the “May 2010 notes”) issued by Universal City Holding Co. I, Universal City Holding Co. II, UCFH 1 Finance, Inc and UCFH II Finance, Inc., (collectively “UCHC”), are refinanced or repaid prior to that time. Additionally, the interest rate on the senior secured credit facility will increase from 3-month LIBOR plus 175 basis points to 3-month LIBOR plus 300 basis points, with a 3% floor on the LIBOR rate. Prior to the amendment, the maturity date of the senior secured credit facility was accelerated to December 1, 2009 if the April 2010 notes were not refinanced or repaid at that time, or to January 1, 2010 if May 2010 notes were not refinanced or repaid at that time. The maturity date of the senior secured credit facility remains at June 6, 2011 if the early maturity date feature is not triggered.

B. Forward-Looking Information

Certain statements appearing in this Current Report on Form 8-K are “forward-looking statements.” Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this report, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” or future conditional verbs, such as “will,” “should,” “could,” or “may” and variations of such words or similar expressions, are intended to identify forward-looking statements. Because these forward-looking statements are subject to numerous risks and uncertainties, our actual results may differ materially from those expressed in or implied by such forward-looking statements. Some of the risks and uncertainties that may cause such differences include, but are not limited to, risks and uncertainties relating to a general economic downturn; the dependence of our business on air travel; the risks inherent in deriving substantially all of our revenues from one location; our dependence on Universal Studios, Inc. and its affiliates; the loss of key distribution channels for pass sales; competition within the Orlando theme park market; publicity associated with accidents occurring at theme parks; the loss of material intellectual property rights used in our business; and the seasonality of our business. There may also be other factors that may cause our actual results to differ materially from those expressed in or implied by any forward-looking statements contained in this report.

 

Item 9.01 Financial Statements and Exhibits

A. Exhibits

99.1 Amendment No. 1 to Credit Agreement


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

 

  UNIVERSAL CITY DEVELOPMENT PARTNERS, LTD.
Date: July 28, 2008   By:  

/s/ Tracey L. Stockwell

  Name:   Tracey L. Stockwell
  Title:   Principal Financial Officer
  UCDP FINANCE, INC.
Date: July 28, 2008   By:  

/s/ Tracey L. Stockwell

  Name:   Tracey L. Stockwell
  Title:   Treasurer (Principal Financial Officer)