U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 4, 2013
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FIRST HARTFORD CORPORATION |
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(Exact name of Company as specified in its charter) |
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Maine |
0-8862 | 01-00185800 | |
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[State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
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149 Colonial Road, Manchester, Connecticut |
06042 | ||
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(Address of principal executive offices) |
(Zip Code) | ||
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860-646-6555 |
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(Company's telephone number) |
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N/A |
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(Former name or former address, if changed since last report.) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions (see General Instruction A.2):
[_] 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 2.03 Financial Obligation Matter
On October 4, 2013, The Company refinanced a shopping center in Plainfield Connecticut in the amount of $6,200,000.
Terms
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Interest Rate |
5.234% per annum |
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30 year Amortization |
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Due in 10 years |
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Principal and interest |
$34,175.21 |
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Prepayment only with defeasance |
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Use as funds |
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Pay off of prior loan |
$4,298,694 |
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Prepayment Penalty |
240,029 |
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Pay off Kaplan Note |
1,457,705 |
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Transaction Cost |
81,891 |
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Escrows and Reserves |
155,044 |
Previously the Company was paying monthly principal and interest of $33,197 on the prior loan and $146,184 quarterly on the Kaplan Note. As a result, the Kaplan Note has been paid off in full approximately two (2) years ahead of its maturity date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
(Company)
FIRST HARTFORD CORPORATION
By: /s/ Neil H. Ellis
Neil H. Ellis, Chairman and President
Date: October 8, 2013