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): April 24, 2017
Saddlebrook Resorts, Inc.
(Exact name of Registrant as Specified in its Charter)
| Florida | 2-65481 | 59-1917822 | ||
| (State or Other Jurisdiction of Incorporation or Organization) |
(Commission file number) |
(I.R.S. Employer Identification Number) |
5700 Saddlebrook Way
Wesley Chapel, FL 33543
(Address of Principal Executive Offices including Zip Code)
(813) 973-1111
(Registrant’s Telephone Number, Including Area Code)
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:
| ☐ | 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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement. |
On April 24, 2017, the Company entered in to a revolving line of credit agreement with USAmeriBank in the maximum amount of $1,500,000 to be used as working capital as needed. The agreement is cross collateralized with the existing mortgage under the same terms and conditions. Amounts borrowed under the revolving line of credit will bear interest at 3% over the one month LIBOR index.
The line of credit will terminate on December 6, 2020. The line of credit must be fully repaid at least 60 days of each year of the agreement. As of May 1, 2017, the date of this filing, the Company has not made any draw on this agreement.
| 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
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.
| Saddlebrook Resorts, Inc. (Registrant) | ||||||
| Dated: May 1, 2017 | By: | /s/ Thomas L. Dempsey | ||||
| Name: | Thomas L. Dempsey | |||||
| Title: | Chairman of the Board and Chief Executive Officer | |||||