SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): July 31, 1995
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THE PARKWAY COMPANY
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(Exact name of Registrant as specified in its charter)
Texas 0-12505 74-2123597
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(State or other Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
300 One Jackson Place, 188 E. Capitol St., Jackson, MS 39201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (601) 948-4091
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(Former name or former address,if changed since last report)
FORM 8-K
THE PARKWAY COMPANY
Item 2. Acquisition or Disposition of Assets.
On July 31, 1995, The Parkway Company ("Parkway")
purchased the Security Centre' office complex in Jackson,
Mississippi from the Resolution Trust Corporation as
receiver for Security Federal Savings and Loan
Association for $13,500,000. Upon acquisition, the
buildings were renamed Mtel Centre'. Mtel Centre' is an
office building complex consisting of 260,000 net
rentable square feet in two buildings and 130 parking
spaces located in the central business district of
Jackson. The buildings are currently 96% leased.
Parkway funded the acquisition with cash balances of
$4,270,000 and $8,740,000 drawn under two lines of credit
with Deposit Guaranty National Bank. The lines of credit
have a combined limit of $12,000,000 and accrue interest
based on the 90-day LIBOR (London Interbank Offered Rate)
rate plus 1.85%. One line of credit with a limit of
$10,000,000 matures on June 30, 1996. The second line of
credit with a limit of $2,000,000 matures on August 15,
1995. Deposit Guaranty National Bank has committed to
loan the Company $10,000,000 under a term loan secured by
the Mtel Centre' which will have an interest rate of the
banks prime lending rate and will mature 18 months from
the date of the loan closing. The Company expects to
repay amounts outstanding under the two lines of credit
from the proceeds of the $10,000,000 term loan. The term
loan is expected to close prior to August 31, 1995 and
the Company expects the $2,000,000 line of credit to be
extended until the term loan is funded. The Jackson
Downtown Class A office market has a current vacancy rate
of approximately 5%. Jackson-based Mobile
Telecommunication Technologies Corp. (Mtel), a leader in
the telecommunications industry, currently occupies
approximately 122,000 square feet in the building under
a ten-year lease that expires in July 2005.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Mtel Centre'
It is impractical to provide the audited financial
statements of Mtel Centre' required by Item 7(a) of Form
8-K, but such financial statements will be filed as soon
as practical but not later than 60 days after the filing
of this Form 8-K.
(b) Pro Forma Consolidated Financial Statements.
The pro forma consolidated financial statements will
be filed with the audited financial statements of Mtel
Centre'.
(c) Exhibits.
FORM 8-K
THE PARKWAY COMPANY
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 hereunto duly authorized.
DATED: August 14, 1995
THE PARKWAY COMPANY
BY:
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Sarah P. Clark, Vice President
and Chief Financial Officer
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