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): December 5, 2012 (November 29, 2012)
ARKANSAS BEST CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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0-19969 |
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71-0673405 |
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(State or other jurisdiction of |
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(Commission |
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(IRS Employer |
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incorporation or organization) |
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File Number) |
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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 1.01 — ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On November 29, 2012, Arkansas Best Corporation (Nasdaq: ABFS) (“the Company”) amended its Letter of Credit Agreement (“the Agreement”), dated December 8, 2009, as amended by renewal letters dated December 6, 2010 and November 15, 2011, with PNC Bank, National Association (“the Bank”). A copy of the amendment, which extends the expiration date of the Agreement from December 7, 2012 to December 7, 2013, will be filed as an exhibit to the Company’s 2012 Report on Form 10-K.
The Agreement provides for a $35.0 million committed revolving letter of credit under which the Company may request and the Bank will issue standby letters of credit. The Company issues letters of credit primarily in support of workers’ compensation and third-party casualty claims liabilities in various states in which the Company is self-insured. The Company pays quarterly fees to the Bank, based on the amount of letters of credit outstanding. The Agreement contains no financial ratios or financial covenants which the Company is required to maintain. The Agreement requires cash or short-term investments to be pledged as collateral for outstanding letters of credit.
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)
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Date: |
December 5, 2012 |
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/s/ Michael R. Johns |
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Michael R. Johns | |
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Vice President — General Counsel and Corporate Secretary | |