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) October 1, 1997
BLC Financial Services, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8185
(State or Other Jurisdiction of Incorporation) (Commission File No.)
75-1430436
(IRS Employer I.D. Number)
919 Third Avenue, 17th Floor, New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
(212) 751-5626
Registrant's Telephone Number, including Area Code
(Former Name or Former Address, If Changed Since Last Report)
Item 5. Other Event
On October 1, 1997, a wholly-owned subsidiary of the registrant,
repurchased loan participations previously sold in the amount of
$5,819,288.26 from Transamerica Business Credit Corporation.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
(1) Participation Agreement dated as of May 1, 1997.
Incorporated by reference to Registrant's Current Report on Form 8-K
dated May 12, 1997.
(2) Amended Loan Agreement dated as of August 27, 1997.
Incorporated by reference to Registrant's Annual Report on Form 10-K for
the year ended June 30, 1997.
(3) Letter Agreement to repurchase loan participations
from Transamerica Business Credit Corporation dated October 1, 1997.
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 duly authorized.
BLC Financial Services, Inc.
(Registrant)
Dated: November 5, 1997
By: /s/ Robert F. Tannenhauser
Robert F. Tannenhauser
President
TRANSAMERICA BUSINESS CREDIT CORPORATION
8750 W. Bryn Mawr Avenue, Suite 720
Chicago, Illinois 60631
October 1, 1997
Business Loan Center, Inc.
BLC Financial Services, Inc.
919 Third Avenue, 17th Floor
New York, New York 10022
Attention: Mr. Robert Tannenhauser
President
Re: Loan Participation Agreement dated as of May 1, 1997
and Restated and Amended Loan Agreement dated
as of August 27, 1997
Ladies and Gentlemen:
Reference is made to (1) that certain Loan Participation Agreement
dated as of May 1, 1997 (the "Participation Agreement") by and between
Business Loan Center, Inc. ("BLC"), BLC Financial Services, Inc. ("Parent")
and Transamerica Business Credit Corporation ("Transamerica"), and
(2) that certain Restated and Amended Loan Agreement dated as of
August 27,1997 (the "Loan Agreement") by and between BLC, Parent
and Transamerica. Unless otherwise defined herein, capitalized terms
used herein that are defined in the Loan Agreement shall have the meanings
given to them in the Loan Agreement.
BLC desires, pursuant to Section 8.1(p) of the Loan Agreement, to
repurchase from Transamerica on October 1,1997 all loan participations
sold by BLC to Transamerica pursuant to the Participation Agreement.
This will confirm that BLC has requested Transamerica to make a
Revolving Loan under the Loan Agreement on October 1, 1997
in the amount of $5,819,288.26 (the "Repurchase Amount") to fund
the contemporaneous payment by BLC toTransamerica of the total
amount necessary to effect such repurchase under the Participation
Agreement. This will further confirm our understanding and
agreement that Transamerica will make such Revolving Loan on
October 1, 1997 by crediting the Repurchase Amount against the amount
payable by BLC to Transamerica to effect such repurchase, and
upon the crediting of such amount the financing arrangements under
the Participation Agreement (provided, that any indemnity claims of
Transamerica under the "Participation Documents" (as defined in the
Participation Agreement) shall survive such termination).
Please confirm our understanding and agreement with respect
to the foregoing by signing and returning to us the enclosed copy of
this letter.
Very truly yours,
TRANSAMERICA BUSINESS CREDIT
CORPORATION
By: /s/ Ari Kaplan
Ari D. Kaplan
Senior Account Executive
ACKNOWLEDGED AND AGREED TO:
BUSINESS LOAN CENTER, INC.
By: /s/ Jennifer Napier
Jennifer Napier
Chief Financial Officer
BLC FINANCIAL SERVICES, INC.
By: /s/ Robert Tannenhauser
Robert F. Tannenhauser
President
