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) AUGUST 1, 2000
DELTA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-12109 11-33336165
(State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
1000 WOODBURY ROAD, SUITE 200, WOODBURY, NEW YORK 11797-9003
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: 516-364-8500
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On August 1, 2000, the Company reached an agreement to restructure its
outstanding $150 million 9 1/2% senior notes due 2004 (the "Senior Notes"). With
the consent of more than fifty (50%) percent of its Senior Notes holders, a
negative covenant in the Senior Notes Indenture that prevented the Company from
encumbering, or otherwise obtaining financing against, any of its residual
assets has been modified. The First Supplemental Indenture by and among the
Company, its subsidiary-guarantors and the Bank of New York, as Indenture
Trustee, dated as of August 1, 2000, is filed herewith as Exhibit 10.1.
In connection with such consent, the Company has agreed to launch an
exchange offer (the "Exchange Offer") pursuant to which current Senior Note
holders will have the option to exchange their existing securities for (i) new
senior notes (the "New Notes") in the same principal amount, to be secured by a
trust which owns at least $165 million of the Company's residual assets and (ii)
their pro rata share of ten-year warrants to buy approximately 1.6 million
shares of the Company, at an initial exercise price of $9.10 per share, subject
to upward or downward adjustment in certain circumstances. The Company expects
that this Exchange Offer will be completed by October 15, 2000. The other terms
of the New Notes will be substantially similar to the Senior Notes, with the
appropriate modifications to reflect the security therefor.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Financial Statements
None.
(b) Pro Forma Financial Statements
None.
(c) Exhibits
10.1 First Supplemental Indenture by and among the Company, its
subsidiary-guarantors and the Bank of New York, as Indenture Trustee,
dated as of August 1, 2000
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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 thereunto duly authorized.
DELTA FINANCIAL CORPORATION
By: /S/ MARC E. MILLER _
Name: Marc E. Miller
Title: Senior Vice President
Dated: August 4, 2000
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
10.1 First Supplemental Indenture by and among the Company, its
subsidiary-guarantors and the Bank of New York, as Indenture Trustee,
dated as of August 1, 2000
