Current Report — Form 8-K — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
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Registrant's telephone number, including area code (i402) i458-2370
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:
i☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
i☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
iClass
A Common Stock, Par Value $0.01 per Share
iNNI
iNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On December 16, 2019, Nelnet, Inc. (the “Company”) entered into a Second Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) for its unsecured line of credit with U.S. Bank National Association, as agent for the lenders, and the lender parties thereto. The most recent prior amendment to the unsecured line of credit was previously reported in a Current Report on Form 8-K filed by the Company on June
28, 2018.
Under the amended terms, the following provisions of the Amended and Restated Credit Agreement were modified:
•The facility size increased from $382.5 million to $455.0 million. The amended terms also provide that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million.
•The
provisions for recourse indebtedness were revised to replace the $100.0 million limitation on recourse indebtedness with an amount equal to 5.0 percent of the Company’s consolidated net worth.
•The provisions for permitted investments were expanded to increase the aggregate amount of permitted investments from 25.0 percent of the Company’s consolidated net worth to 40.0 percent.
The cost of funds did not change as part of the amendment. As of December 16, 2019, no amounts were outstanding on the unsecured line of credit.
The
foregoing summary of the amendments to the provisions reflected in the Amended and Restated Credit Agreement does not purport to be a complete description of all of the amended provisions of the facility, and is qualified in its entirety by the complete text of the Amended and Restated Credit Agreement, a copy of which is filed with this report as Exhibit 10.1 and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information related to the Amended and Restated Credit Agreement discussed under Item 1.01 above is hereby incorporated
by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report:
Cover Page Interactive Data File (formatted as Inline XBRL and included as Exhibit 101).
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.