8-K

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): February 28, 2002

BULL RUN CORPORATION

(Exact name of registrant as specified in its charter)

GEORGIA (State or other jurisdiction of	0-9385 (Commission File Number)	58-2458679 (IRS Employer Identification No.)
incorporation)

4370 PEACHTREE ROAD, ATLANTA, GEORGIA 30319

(Address of principal executive offices) (Zip Code)

(404) 266-8333

(Registrant’s telephone number, including area code)

Item 5. Other Events and Regulation FD Disclosure

On February 28, 2002, Bull Run Corporation (the “Company”) and its lenders amended the Company’s bank credit facility in order to change the facility’s maturity date from February 22, 2002 to March 29, 2002, and increase the maximum allowable borrowings through the maturity date under the Company’s revolving credit facility from $15,500,000 to $20,000,000. In connection with this amendment, the Company’s chairman agreed to increase his personal guarantee of the bank credit facility to a maximum amount of $91 million of the Company’s indebtedness to the bank lenders, which is currently $89.4 million.

As disclosed in the Company’s Form 10-Q for the period ended December 31, 2001, the Company believes that it will be able to reach an acceptable agreement with its bank lenders on the terms of a long-term refinancing of the credit facility prior to the facility’s new maturity date. A long-term refinancing of the credit facility may involve a significant reduction in the total amount of financing available from the bank lenders, and the Company believes it has the ability to successfully achieve such a reduction within a time frame acceptable to its bank lenders. The Company has reduced its bank term debt by over $20 million during the current fiscal year as a result of the sale of certain investment assets and the issuance of new equity to affiliated parties.

Certain statements in this Current Report on Form 8-K are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

Item 7. Exhibits

Exhibit A – Fourth Amendment to Amended and Restated Credit Agreement, effective February 22, 2002

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 thereto duly authorized.

	BULL RUN CORPORATION
Date: February 28, 2002	By:	/s/ FREDERICK J. ERICKSON
		Frederick J. Erickson
		Vice President — Finance and Treasurer

2 EX-99.A 3 g74498ex99-a.htm FOURTH AMENDMENT TO AMENDED CREDIT AGREEMENT

EXHIBIT A

Fourth Amendment to Amended and Restated Credit Agreement,
effective February 22, 2002

     THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of the 22nd day of February, 2002, by and among BR HOLDING, INC., a Georgia corporation (“Bull Run”), CAPITAL SPORTS PROPERTIES, INC., a Delaware corporation (“Capital”), HOST COMMUNICATIONS, INC., a Kentucky corporation (“Host”) and DATASOUTH COMPUTER CORPORATION, a Delaware corporation (“Datasouth” and together with Bull Run, Capital and Host, the “Borrowers”), as Borrowers, BULL RUN CORPORATION, a Georgia corporation (the “Parent”), as a Guarantor, THE LENDERS SIGNATORY HERETO (collectively, the “Lenders”), BANK OF AMERICA, N.A. and BANK ONE, KENTUCKY, NA, as Issuing Banks (collectively, the “Issuing Banks”), FIRST UNION NATIONAL BANK, as Syndication Agent for the Issuing Banks and the Lenders (the “Syndication Agent”), BANK OF AMERICA, N.A., as Administrative Agent for the Issuing Banks and the Lenders (the “Administrative Agent”).

RECITALS

     WHEREAS, the Borrowers, the Parent, the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent are parties to that certain Amended and Restated Credit Agreement dated as of July 27, 2001, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of October 5, 2001, as amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 14, 2001, as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated as of February 8, 2002 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have agreed to make one or more loans from time to time to the Borrowers in accordance with the terms and conditions thereof; and

     WHEREAS, the Borrowers have requested that the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent consent to certain amendments to the Credit Agreement, and the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent have agreed to do so to the extent set forth herein;

     NOW, THEREFORE, in consideration of the premises, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree that all capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement as amended hereby (except as otherwise expressly defined or limited herein) and do hereby further agree as follows:

     1.     Amendments to the Credit Agreement.

     (a)  Article 1 of the Credit Agreement, Definitions, is hereby modified and amended by deleting the definition of “Maturity Date” in its entirety and by substituting the following in lieu thereof:

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     "'Maturity Date’ shall mean March 29, 2002, or such earlier date as payment of the Loans shall be due (whether by acceleration or otherwise) in accordance with the terms hereof.”

     (b)  Article 1 of the Credit Agreement, Definitions, is hereby modified and amended by deleting the definition of “Revolving Loan Commitment” in its entirety and by substituting the following in lieu thereof:

     "'Revolving Loan Commitment’ shall mean the several obligations of the Lenders to advance to the Borrowers the amounts set forth below during the applicable periods set forth below, on and after the Agreement Date, in accordance with their respective Revolving Commitment Ratios, pursuant to the terms hereof, and as such amounts may be reduced from time to time, pursuant to the terms hereof:

Applicable Period During Each Year	Revolving Loan Commitment
Agreement Date through August 31, 2001	$	15,000,000
September 1, 2001 through November 30, 2001	$	25,000,000
December 1, 2001 through January 31, 2002	$	22,500,000
February 1, 2002 through February 7, 2002	$	20,000,000
February 8, 2002 through February 21, 2002	$	15,500,000
February 22, 2002 through the Maturity Date	$	20,000,000

Each reference to the ‘Revolving Loan Commitment’ contained in this Agreement shall be deemed to refer to the Revolving Loan Commitment then in effect.”

     2.     No Other Amendments. Except for the amendments expressly set forth and referred to above, the text of the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect, and the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent hereby reserve the right to require strict compliance with the terms and conditions of the Credit Agreement and the other Loan Documents in the future.

     3.     Amendment Fee. The Borrowers hereby, jointly and severally, agree to pay, upon the date hereof, to each Lender an amendment fee (the “Amendment Fee”) in the amount of 5 basis points on the aggregate amount of such Lender’s Revolving Commitment and Term Loans outstanding as of the date hereof after giving effect to this Amendment and to any principal payments made on the Term Loans on or prior to the date hereof. The Amendment Fee shall be fully earned when due and non-refundable when paid.

     4.     Representations and Warranties. To induce the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent to enter into this Amendment, each of the Borrowers hereby warrants, represents and covenants to the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent that: (a) each representation or

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warranty of the Borrowers set forth in the Credit Agreement is hereby restated and reaffirmed as true and correct on and as of the date of this Amendment, and after giving effect to this Amendment, as if such representation or warranty were made on and as of the date of, and after giving effect to, this Amendment (except to the extent that any such representation or warranty expressly relates to a prior specific date or period); (b) such Borrower has the corporate power and authority to (i) enter into this Amendment and (ii) do all acts and things as are required or contemplated hereunder to be done, observed and performed by such Borrower; (c) this Amendment has been duly authorized, validly executed and delivered by such Borrower, and constitutes the legal, valid and binding obligation of such Borrower, enforceable against it in accordance with its terms; (d) the execution and delivery of this Amendment and performance by such Borrower under the Credit Agreement, does not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over such Borrower which has not already been obtained, nor contravene or conflict with the charter documents of such Borrower, or the provision of any statute, judgment, order, indenture, instrument, agreement or undertaking, to which such Borrower is a party or by which any of its properties are or may become bound; and (e) as of the date hereof and after giving effect to the amendments contained in this Amendment, no Default or Event of Default under the Credit Agreement has occurred and is continuing. The Borrowers, the Guarantor, the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent hereby ratify and affirm all of the terms and conditions of the Credit Agreement and the Loan Documents applicable to each of them, including, without limitation, the Borrowers’ joint and several liability for the Obligations and the obligations of the Guarantor under the Robinson Guaranty. The parties hereto have not entered into a mutual disregard of the terms and provisions of the Credit Agreement or the other Loan Documents, or engaged in any course of dealing in variance with the terms and provisions of the Credit Agreement or the other Loan Documents, within the meaning of any applicable law of the State of Georgia or otherwise.

     5.     Reimbursement of Costs and Expenses. The Borrowers hereby jointly and severally agree to reimburse the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent on demand for all costs (including, without limitation, reasonable attorneys’ fees) incurred by such parties in negotiating, documenting and consummating this Amendment, the other documents referred to herein, and the transactions contemplated hereby and thereby.

     6.     Conditions Precedent to Effectiveness of this Amendment. The effectiveness of this Amendment is subject to:

     (a)  the truth and accuracy in all respects of the representations and warranties of the Borrowers contained in Section 6 above,

     (b)  the receipt by the Lenders of the Amendment Fee,

     (c)  the receipt by the Administrative Agent of one or more duly executed counterparts of this Amendment signed by the Borrowers, the Parent, and each of the Lenders, and

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     (d)  the receipt by the Administrative Agent of one or more duly executed counterparts of an amendment to the Robinson Guaranty duly executed by Robinson and consented to by each of the Borrowers, the Parent and each of the Lenders.

     7.     Release. Each of the Guarantor, the Parent and the Borrowers hereby waives and releases each of the Lenders, the Issuing Banks, the Syndication Agent and the Administrative Agent from any and all claims and defenses with respect to the Credit Agreement, the Notes and any and all documents, instruments, certificates, notes, bonds, or other agreements executed in connection therewith, except in the case of willful misconduct or gross negligence on the part of such Person.

     8.     Reference to and Effect on the Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. This Amendment shall be deemed to be a Loan Document for all purposes.

     9.     Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. In proving this Amendment in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures delivered by a party by facsimile transmission shall be deemed an original signature hereto.

     10.     Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Georgia applicable to contracts made and performed in such state.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year specified at the beginning hereof.

BORROWERS:	BR HOLDING, INC
	By: /s/ FREDERICK J. ERICKSON
	Name: Frederick J. Erickson
	Title: Vice President – Finance
	CAPITAL SPORTS PROPERTIES, INC
	By: /s/ FREDERICK J. ERICKSON
	Name: Frederick J. Erickson
	Title: Vice President
	HOST COMMUNICATIONS, INC
	By: /s/ FREDERICK J. ERICKSON
	Name: Frederick J. Erickson
	Title: Vice President
	DATASOUTH COMPUTER CORPORATION
	By: /s/ FREDERICK J. ERICKSON
	Name: Frederick J. Erickson
	Title: Executive VP – Finance & Admin.
PARENT:	BULL RUN CORPORATION
	By: /s/ FREDERICK J. ERICKSON
	Name: Frederick J. Erickson
	Title: Vice President – Finance

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ADMINISTRATIVE AGENT:	BANK OF AMERICA, N.A.
	By: /s/ NANCY S. GOLDMAN
	Name: Nancy S. Goldman
	Title: Senior Vice President
SYNDICATION AGENT:	FIRST UNION NATIONAL BANK
	By: /s/ BRUCE W. LOFTIN
	Name: Bruce W. Loftin
	Title: Senior Vice President
ISSUING BANKS:	BANK OF AMERICA, N.A.
	By: /s/ NANCY S. GOLDMAN
	Name: Nancy S. Goldman
	Title: Senior Vice President
	BANK ONE, KENTUCKY, NA
	By: /s/ BERNIE DUES
	Name: Bernie Dues
	Title: Vice President
LENDERS:	BANK OF AMERICA, N.A.
	By: /s/ NANCY S. GOLDMAN
	Name: Nancy S. Goldman
	Title: Senior Vice President

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BANK ONE, KENTUCKY, NA

By: /s/ BERNIE DUES

Name: Bernie Dues

Title: Vice President

WACHOVIA BANK, N.A.

By: /s/ BRUCE W. LOFTIN

Name: Bruce W. Loftin

Title: Senior Vice President

FIRST UNION NATIONAL BANK

By: /s/ BRUCE W. LOFTIN

Name: Bruce W. Loftin

Title: Senior Vice President

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EX-99.A

Fourth Amendment to Amended Credit Agreement