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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) November 8,
1999
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)
(727) 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 November 1, 1999, the Company renegotiated its
credit line with BankAmerica. Under the terms of the new
agreement the total credit facility was increased to 45
million, the effective interest rate was decreased and the
maturity date has been extended to November 1, 2002.
On November 8, 1999, 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 November 8, 1999 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
November 8, 1999.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: November 8, 1999 /s/ Peter L. Vosotas
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Peter L. Vosotas
Chairman, President, Chief
Executive Officer
(Principal Executive
Officer)
Date: November 8, 1999 /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: NICK
Senior Vice President, Web site:www.nicholasfinancial.com
Finance
Nicholas Financial, Inc.
Ph # - 727-726-0763
Fax # - 727-726-2140
Revolving Credit line increased to $45,000,000
Branch Expansion Continues
November 8, 1999 - Clearwater, Florida, Nicholas Financial, Inc.
(Nasdaq, NICK), announced today that the Company has renegotiated
its credit facility with Bank of America. The terms of the new
agreement will increase the line of credit from $35,000,000 to
$45,000,000, decrease the effective interest rate and extend the
maturity date to November 1, 2002.
According to Peter L. Vosotas, President and CEO, "Our relationship
with Bank of America began in 1993 with a $4,000,000 revolving line
of credit. I believe that our outstanding performance since then
has convinced the Bank to expand our credit facility and provide us
with these excellent rates and terms."
In the past quarter ended September 30, the company has opened a
second branch office in Atlanta, Georgia, a branch office in
Charlotte, North Carolina and is currently building a new branch in
West Palm Beach, Florida. The company currently operates twelve
(12) branches in Florida, three (3) branches in Georgia and one (1)
branch in North Carolina.The new loan agreement allows the company
to continue its controlled expansion throughout the Southeast.
