Form 8K re Agreement with National City
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 13, 2006 (July 11, 2006)
ePlus
inc.
(Exact
name of registrant as specified in its charter)
Delaware
54-1817218
(State
or
other jurisdiction of (I.R.S.
Employer
incorporation
or organization) Identification No.)
13595
Dulles Technology Drive, Herndon, VA 20171-3413
(Address,
including zip code, of principal offices)
Registrant's
telephone number, including area code: (703)
984-8400
|
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
(see
General Instruction A.2
below):
|
| |
|
[
]
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
On
July
11, 2006 ePlus inc. (“ePlus” or “the Company”) entered into a First Amendment to
Credit Agreement (“the Amendment”) to a Credit Agreement dated September 23,
2005 (“Credit Agreement”) with National City Bank, as Administrative Agent, and
Branch Banking and Trust Company of Virginia (“BB&T”). The Amendment extends
the term of the agreement approximately three years to July 10, 2009, subject
to
earlier termination upon certain events. In certain events of default, as
set
forth in the Credit Agreement and not revised in the Amendment, the lenders
may
terminate the Credit Agreement and accelerate the maturity of any amounts
then
owed under the Credit Agreement.
The
Amendment also grants the Company 120 days from its fiscal year end to deliver
audited financial statements, as compared to 60 days in the Credit Agreement.
The Amendment grants the Company 90 days to deliver unaudited quarterly
financial statements, as compared to 45 days in the Credit Agreement. In
addition, the Amendment provided the Company with a limited waiver for its
failure to provide its annual audited financial statements prior to May 31,
2006, as required under the terms of the Credit Agreement prior to the
Amendment. Pursuant to the limited waiver contained in the Amendment, the
Company is required to provide its annual audited financial statements for
the 2006 fiscal year by July 28, 2006.
The
foregoing description of the Amendment is qualified in its entirety by reference
to the Amendment, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
On
July
12, 2006, ePlus issued a press release announcing the renewal of the Credit
Agreement. A copy of the press release is attached hereto as Exhibit 99.1.
Item
9.01
Financial Statements and Exhibits
(c)
The
following exhibits are filed as part of this report:
|
Exhibit Number
|
Exhibit Description
|
|
10.1
|
First
Amendment to the Credit Agreement dated
July 11, 2006 between ePlus inc. and National City Bank and
Branch Banking
and Trust Company of Virginia
|
| |
|
| 99.1 |
Press
Release dated July 12, 2006 issued by ePlus
inc. |
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.
ePlus
inc.
By:
/s/ Steven J.
Mencarini
Steven
J.
Mencarini
Date:
July 13, 2006
Chief
Financial Officer