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 29, 2016
    
VOLT INFORMATION SCIENCES, INC.
(Exact name of registrant as specified in its charter)
  
New York
001-9232
13-5658129
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
       
1133 Avenue of the Americas, New York, New York
10036
(Address of principal executive offices)
(Zip Code)
            
(212) 704-2400
(Registrant’s Telephone Number, Including Area Code)
    
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
   
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.
 
Volt Information Sciences, Inc. (the “Company”) has entered into Amendment No. 2, dated July 29, 2016 (“Amendment No. 2”), to its Receivables Financing Agreement, dated as of July 30, 2015.

Amendment No. 2 reduces the minimum liquidity level covenant to $35.0 million from $50.0 million for the period beginning July 31, 2016 through the earlier of:  (i) the date of the sale of the Company’s subsidiary, Maintech, Incorporated, if such sale is closed on or before September 30, 2016; and (ii) October 30, 2016.

Amendment No. 2 also adds a negative covenant prohibiting certain capital stock transactions by the Company through the earlier of: (i) the date of the sale of the Company’s subsidiary, Maintech, Incorporated, if such sale is closed on or before September 30, 2016; and (ii) October 31, 2016.

The remaining material terms and conditions are substantially unchanged.
 
The foregoing summary of Amendment No. 2 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 2, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1, and is incorporated herein by reference.


Item 9.01
Financial Statements and Exhibits.

 
(d)
Exhibits:

Exhibit No.
Description of Exhibit

10.1
Amendment No. 2, dated as of July 29, 2016, to the Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., as borrower, PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time party thereto as lenders and letter of credit participants, and Volt Information Sciences, Inc., as initial servicer.
 
 
 
 
 
 
   
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.
 
 
VOLT INFORMATION SCIENCES, INC.
  
       
       
Date:  August 2, 2016
By:
/s/ Paul Tomkins
  
   
Paul Tomkins, Senior Vice President and
  
   
Chief Financial Officer
  
       





 
 
 
 
 
 
 
 
 
  
EXHIBIT INDEX
 

Exhibit No.
Description of Exhibit

10.1
Amendment No. 2, dated as of July 29, 2016, to the Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., as borrower, PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time party thereto as lenders and letter of credit participants, and Volt Information Sciences, Inc., as initial servicer.