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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DVL Inc (PK) | USOTC:DVLN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
100.00 | 2.27% | 4,500.00 | 3,600.00 | 4,900.00 | 4,500.00 | 4,500.00 | 4,500.00 | 8 | 21:00:01 |
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, 2009
Delaware 1-8356 13-2892858 -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) |
Registrant's telephone number, including area code (212) 350-9900
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 240.13a-4(c))
Item 1.01 Entry into a Material Definitive Agreement
DVL Mortgage Holdings, LLC ("DVL Holdings"), a wholly-owned subsidiary of DVL, Inc. (the "Company"), entered into a Loan Agreement, effective April 24, 2009 (the "Agreement") with Harleysville National Bank and Trust Company ("Harleysville Bank"), pursuant to which the Company borrowed an aggregate principal amount of $2,200,000 (the "Principal Amount") evidenced by a Term Note (the "Note"). DVL Holdings used a portion of the Principal Amount to repay the outstanding borrowings under the Prior Loan Agreement (as defined below). The Principal Amount outstanding under the Note bears interest at an annual rate of LIBOR plus 4% with interest payable monthly and the loan self amortizes with a portion of the principal payable monthly through February 1, 2014 (the "Maturity Date") in the amounts as specified in the Note. The Principal Amount of the Note may be prepaid without penalty. The Agreement and the Note contain customary terms and provisions, including default provisions.
Pursuant to the Agreement, the repayment of the Note is secured by certain collateral assignments from DVL Holdings to Harleysville Bank with respect to mortgage notes and mortgages held by DVL Holdings with respect to mortgage financings provided to affiliated limited partnerships. Additionally, the Company guaranteed the obligations of DVL Holdings under the Agreement, the Note and related loan documents.
Item 1.02 Termination of a Material Definitive Agreement
On April 24, 2009, borrowings under the Agreement were used to repay all outstanding borrowings and obligations of DVL Holdings under the Loan Agreement, dated December 28, 2004 (and subsequently recast in January 2009) (the "Prior Loan Agreement"), between DVL Holdings and Harleysville Bank for an aggregate principal amount of $1.4 million. All outstanding principal together with accrued and unpaid interest under the Prior Loan Agreement was $1,204,000. The Prior Loan was to become due on April 30, 2009, however, in connection with the repayment described above, the Prior Loan Agreement and related loan documents were terminated on April 24, 2009.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 is incorporated herein by reference.
Signature
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.
DVL, INC.
By: /s/ Henry Swain ---------------------------------- Name: Henry Swain Title: Executive Vice President and Chief Financial Officer Date: April 30, 2009 |
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