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)
|
January 28, 2010 (January 23,
2010)
|
Anthracite Capital, Inc. |
(Exact
name of registrant as specified in its charter)
Maryland
|
001-13937
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13-3978906
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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40
East 52nd Street, New York, New York
|
10022
|
|
(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
|
(212)
810-3333
|
N/A |
(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))
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01
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Other Events. |
As previously reported in the Quarterly
Report on Form 10-Q of Anthracite Capital, Inc. (the "Company") for the quarter
ended September 30, 2009, the Company’s secured credit facility with BlackRock
Holdco 2, Inc. (“Holdco 2”) under the Credit Agreement, dated as of March 7,
2008, between the Company and Holdco 2, as amended on December 22, 2008 and
October 28, 2009 (the "BlackRock facility"), requires the Company to immediately
repay outstanding borrowings under such facility to the extent outstanding
borrowings exceed 60% of the fair market value (as determined by the Company’s
manager, BlackRock Financial Management, Inc. (the “Manager”)) of the shares of
common stock of Carbon Capital II, Inc. securing such facility. As of February
28, 2009, 60% of the market value of such shares was less than the loan balance
under the BlackRock facility. On March 17, 2009, Holdco 2 waived the Company’s
failure to repay borrowings in accordance with this covenant until April 1, 2009
and subsequently extended this waiver until January 22, 2010. Upon expiration of
the waiver at the end of January 22, 2010, the covenant breach continued to
exist, constituting an event of default under such facility and resulting in
additional events of default under each of the Company's secured facilities with
Bank of America, Deutsche Bank and Morgan Stanley (together with the BlackRock
facility, the "secured facilities") due to cross-defaults. Prior to January 22,
2010, events of default already existed under each of the Company's secured
facilities due to cross-defaults, as previously disclosed in the Company's
filings with the Securities Exchange Commission. If any acceleration
were to occur under any of the Company's secured facilities or any of the
Company's other debt instruments in which events of defaults exist, the Company
would not have sufficient liquid assets available to repay such accelerated
indebtedness and the Company would be unable to continue to fund its operations
or continue its business. As of January 22, 2010, outstanding
borrowings under the BlackRock facility were approximately $33.5
million. As of January 22, 2010, outstanding borrowings under the
Company's secured facilities with Bank of America, Deutsche Bank and Morgan
Stanley were approximately $322 million. Holdco 2 is a subsidiary of BlackRock,
Inc., the parent of the Manager.
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.
ANTHRACITE
CAPITAL, INC.
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||
By:
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/s/ Richard M. Shea
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Name:Richard
M. Shea
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Title: President
and Chief Operating Officer
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Dated:
January 28, 2010
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