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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) September 18,
1998
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
British Columbia, Canada 333-08407 8736-3354
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
2454 McMullen Booth Road, Building C
Clearwater, Florida 33759
(Address of Principal Executive Offices) (Zip Code)
(813) 726-0763
(Registrant's telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
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Item 5. Other Events
Effective September 18, 1998, the Company renegotiated its
credit line with BankAmerica. Under the terms of the new
agreement the Company's interest rate will be reduced between
50-100 basis points, the total credit facility was increased to
35 million and the maturity date of the agreement is June 3,
2001.
On September 23, 1998, the registrant issued a press
release announcing the transaction, a copy of which is attached
as exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description of Document
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99.1 Press release dated September 23, 1998
issued by the registrant
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SIGNATURES
In accordance with the requirements of the Securities Act of
1934, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form
8-K and authorized this Report to be signed on its behalf by the
undersigned, in the City of Clearwater, State of Florida, on
September 23, 1998.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: September 23, 1998 /s/ Peter L. Vosotas
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Peter L. Vosotas
Chairman, President, Chief
Executive Officer
(Principal Executive Officer)
Date: September 23, 1998 /s/ Ralph T. Finkenbrink
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Ralph T. Finkenbrink
(Principal Financial Officer and
Accounting Officer)
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
Contact: Ralph Finkenbrink NASDAQ: NICKF
Vice President, Finance Web site: www.nicfn.com
Nicholas Financial, Inc.
Ph # - 727-726-0763
Fax # - 727-726-2140
Nicholas Financial Renegotiates Credit Facility with BankAmerica
Clearwater, Florida - September 23, 1998: Nicholas Financial,
Inc. announced today that it has renegotiated and extended its
current revolving line of credit with BankAmerica. The new
agreement reduces the current rate of interest payable by 50-100
basis points based on current interest rates. The new agreement
also increases the facility to 35MM and extends the contract term
to June 2001.
According to Peter Vosotas, President and Chairman of the Board,
"The Company continues to enjoy its mutually profitable
relationship with BankAmerica, its primary lender since March of
1993. With the signing of this new agreement, our Company
continues to demonstrate its ability to succeed in the non-prime
automobile finance sector with controlled growth and strict
internal controls since we started this business in 1990. The
Company is very pleased about the potential savings from its
reduction in the cost of funds derived from its credit facility."
The Company opened its fourteenth branch office in Longwood,
Florida in mid September. This is the twelfth branch in the State
of Florida. This branch, as well as the other eleven, purchases
and services installment sales contracts from automobile dealers
and provides direct consumer loans.
