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SADDLEBROOK RESORTS INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

August 8, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On June 6, 2014, the Company entered into a new financing agreement with USAmeriBank for a term loan of $5,000,000. The proceeds were used to retire the existing term note due June 12, 2014 of $4,386,000. The remaining proceeds were used to pay closing costs and provide additional working capital. The new term note matures on June 1, 2019. Interest only payments at a rate of 3% over the one month Libor index (3.15% at June 30, 2014) are required for the first twelve months. Thereafter, the term note requires monthly principal payments of $20,833 plus interest of 3% over the one month Libor index. The term note is collateralized by all current and subsequently acquired real and personal property.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 above

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Loan Agreement, dated June 6, 2014, between Saddlebrook Resorts, Inc. and

USAmeriBank. Page 2 of 3



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Source: Edgar Glimpses


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