Nextera Enterprises Inc - Current report filing (8-K)
09 November 2007 - 10:07PM
Edgar (US Regulatory)
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):
November 7,
2007
NEXTERA ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Delaware
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0-25995
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95-4700410
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation)
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File Number)
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Identification No.)
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14320 Arminta Street, Panorama City,
California 91402
(Address of Principal Executive Offices)
(818) 902-5537
(Registrants telephone number, including area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
November 7, 2007, Nextera Enterprises Inc., through its wholly-owned subsidiary
Woodridge Labs, Inc., (Woodridge Labs) entered into an amendment agreement under
its existing amended credit agreement originally dated March 9, 2006 (the Amendment
Agreement).
Under
the terms of the Amendment Agreement, Woodridge Labs obtained a bridge loan
credit facility aggregating $2.5 million. The bridge loans will be funded by $1
million each from its existing lender NewStar Financial, Inc. and Mounte LLC,
and $500,000 from Jocott Enterprises Inc. Mounte LLC and Jocott Enterprises
Inc. were added as affiliate lenders under the amended credit agreement.
Pursuant
to the Amendment Agreement, the new bridge loan facility, the existing term
loan and the existing revolving credit facility will bear interest at the London
Interbank Offered Rate plus 5.0%, or bank base rate plus 4.0%, as selected by
Woodridge Labs, Inc.
Outstanding
borrowings under the bridge loan facility must be repaid with the Woodridge
Labs cash balances in excess of $500,000 through the final maturity of
May 31, 2008. The Woodridge Labs existing term loan and revolving credit
facility are subordinate to the new bridge loans. Outstanding borrowings under
the existing term loan must be repaid in 4 quarterly payments, commencing
March 31, 2008, with a final payment due on March 31, 2009, the new
maturity date of the existing term loan. The maturity date for the existing
revolving credit facility is also now March 31, 2009. The commitment fee
on the revolving credit facility is payable quarterly at a rate of 0.5% of the
unused amount of the revolving credit facility per annum.
Additionally,
the existing financial covenants were waived for periods prior to November 7,
2007 and modified thereafter.
A
copy of the Amendment Agreement is filed with this report as Exhibit 10.1
and a copy of the related press release is filed as Exhibit 99.1.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION
UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The
information set forth in Item 1.01 is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
10.1
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Amendment
Agreement under the Woodridge Labs Credit Agreement, as amended, originally
dated as of March 9, 2006 by and among Nextera Enterprises, Inc., Woodridge
Labs, Inc. the lenders party thereto and NewStar Financial, Inc. (as
administrative agent for the lenders).
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99.1
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Press
Release dated November 9, 2007.
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3
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.
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NEXTERA
ENTERPRISES, INC.
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Date: November 9, 2007
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By:
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/s/ Antonio Rodriquez
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Antonio Rodriquez
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Chief Financial Officer
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