0001104659-12-071816.txt : 20121029 0001104659-12-071816.hdr.sgml : 20121029 20121029100716 ACCESSION NUMBER: 0001104659-12-071816 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121023 ITEM INFORMATION: Termination of a Material Definitive Agreement FILED AS OF DATE: 20121029 DATE AS OF CHANGE: 20121029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARKANSAS BEST CORP /DE/ CENTRAL INDEX KEY: 0000894405 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710673405 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19969 FILM NUMBER: 121165879 BUSINESS ADDRESS: STREET 1: 3801 OLD GREENWOOD RD CITY: FORT SMITH STATE: AR ZIP: 72903 BUSINESS PHONE: 5017856000 MAIL ADDRESS: STREET 1: P O BOX 48 CITY: FORT SMITH STATE: AR ZIP: 72902 8-K 1 a12-25380_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549-1004

 

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 29, 2012 (October 23, 2012)

 

ARKANSAS BEST CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-19969

 

71-0673405

(State or other jurisdiction of

 

(Commission

 

(IRS Employer

incorporation or organization)

 

File Number)

 

Identification No.)

 

3801 Old Greenwood Road

Fort Smith, Arkansas 72903

(479) 785-6000

(Address, including zip code, and telephone number, including area code, of

the registrant’s principal executive offices)

 

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.

 

o            Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

ITEM 1.02 — TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

 

On October 23, 2012, Arkansas Best Corporation (Nasdaq: ABFS) (the “Company”) notified SunTrust Robinson Humphrey, Inc., (“SunTrust”), of the Company’s intention to terminate the Letter of Credit Agreement (“Agreement”) dated as of December 9, 2009 (as amended on December 7, 2011) between Arkansas Best Corporation and SunTrust Bank. Under the Agreement, SunTrust issued letters of credit on behalf of the Company primarily in support of workers’ compensation and third-party casualty claims liabilities in various states in which the Company is self-insured. The Company will pay no penalties to terminate the Agreement prior to the December 9, 2013 maturity date. There were no outstanding letters of credit issued under the Agreement on the date the Company delivered the notice of termination to SunTrust.

 

As previously disclosed in Form 8-K dated June 20, 2012, the Company entered into a $75.0 million accounts receivable securitization program with PNC Bank on June 15, 2012, which includes a provision under which the Company may request and the letter of credit issuer may issue standby letters of credit. In addition, the Company has agreements with certain financial institutions to provide collateralized facilities for the issuance of letters of credit in support of the self-insurance program discussed in the previous paragraph. The Company also has programs in place with insurance carriers for the issuance of surety bonds in support of the self-insurance program.

 

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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.

 

 

 

 

 

ARKANSAS BEST CORPORATION

 

 

 

 

 

 

 

(Registrant)

 

 

 

 

Date:

October 29, 2012

 

/s/ Michael R. Johns

 

 

 

Michael R. Johns

 

 

 

Vice President – General Counsel

 

 

 

and Corporate Secretary

 

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