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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) November 30, 2000
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EDUTREK INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Georgia 0-23021 58-2255472
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
500 Embassy Row, 6600 Peachtree Dunwoody Road, Atlanta, Georgia 30328
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (404) 965-8000
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On November 30, 2000, the Registrant signed a Ninth Amendment to its bank Credit
Agreement, attached as Exhibit 99.1, which extends the maturity of all
obligations under the credit facility (previously totaling approximately $14.35
million) to April 30, 2001. The bank will further provide an additional $1.5
million loan to be used for marketing and other approved expenses. The repayment
of the additional $1.5 million is guaranteed by Career Education Corporation
(with whom the Registrant has agreed to merge pursuant to an agreement dated
October 24, 2000) and secured by a letter of credit in the same amount posted by
Career Education. Draws under the $1.5 million loan require the consent of
Career Education. The bank also agreed to waive noncompliance with certain
covenants through the termination of the credit facility.
In addition, one of the Registrant's lenders assigned its $5.0 million
promissory note to Career Education in exchange for $5.0 million plus accrued
interest. The promissory note was due November 30, 2000 and has now been
extended to April 30, 2001. In connection with the purchase and modification of
this note, the Registrant entered into an Amended and Restated Promissory Note,
attached as Exhibit 99.2, and a Note Modification Agreement, attached as Exhibit
99.3. The information contained in Exhibits 99.1, 99.2 and 99.3 are incorporated
herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits:
99.1 Ninth Amendment to Credit Agreement and Waiver dated November
30, 2000 between First Union National Bank, EduTrek and
EduTrek's guarantors
99.2 Amended and Restated Promissory Note dated November 30, 2000
payable by EduTrek to Career Education Corporation
99.3 Note Modification Agreement dated November 30, 2000 between
Career Education Corporation, EduTrek and EduTrek's subsidiaries
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
EDUTREK INTERNATIONAL, INC.
By: /s/ Steve Bostic
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Name: Steve Bostic
Title: Chairman and Chief Executive
Officer
Dated: December 1, 2000
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EXHIBIT INDEX
Exhibit Sequential
Number Description of Exhibit Page No.
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99.1 Ninth Amendment to Credit Agreement and Waiver dated
November 30, 2000 between First Union National Bank,
Edutrek and EduTrek's guarantors
99.2 Amended and Restated Promissory Note dated
November 30, 2000 payable by EduTrek to Career
Education Corporation
99.3 Note Modification Agreement dated November 30, 2000
between Career Education Corporation, EduTrek and
EduTrek's subsidiaries
