Unassociated Document
UNITED STATES 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):
March
3, 2009
AKEENA SOLAR, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-52385
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90-0181035
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S.
Employer Identification No.)
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16005
Los Gatos Boulevard
Los
Gatos, California 95032
(Address
of principal executive offices)
Registrant’s
telephone number, including area code:
(408) 402-9400
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):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On March
3, 2009, Akeena Solar, Inc., a Delaware corporation (“Akeena”),
entered into a Loan and Security Agreement (Cash Collateral Account) with
Comerica Bank (the
“2009 Bank Facility”). The 2009 Bank Facility has a termination date
of January 1, 2011, and replaces and entirely amends and restates the Loan and
Security Agreement (Accounts and Inventory) between us and Comerica Bank dated
January 29, 2007, as modified by the First Modification to Loan and
Security Agreement dated as of June 26, 2007, the Second Modification to Loan
and Security Agreement dated as of December 31, 2007 and the Third Modification
to Loan and Security Agreement dated as of August 4, 2008 (together, the “2007
Credit Facility”). Akeena has fully repaid the $17.2 million
outstanding principal balance on the 2007 Credit Facility by using our
restricted cash balance that was on deposit with Comerica. The 2009
Bank Facility with Comerica has a limit of $1 million, subject to our obligation
to maintain at all times cash
collateral
in an amount of $1 million as security for any
borrowings we incur or any letters of credit issued on our
behalf. Outstanding loans under the 2009 Bank Facility will accrue
interest at the rate of the reserve adjusted LIBOR Rate plus a margin of
2.15%. Unused amounts of the commitments are subject to an unused
commitment fee of 0.25% based on the unused amount. The 2009
Bank Facility no longer includes an asset-based line of credit, and Comerica
Bank has released its security interest in our inventory, accounts receivable,
and other assets (other than the cash collateral account as provided in the 2009
Bank Facility). The 2009 Bank Facility does not include any ongoing
minimum net worth or other financial covenants with regard to Akeena, and we are
fully in compliance with the terms of the 2009 Bank Facility. We are
currently in discussions with lending institutions regarding a replacement
asset-based line of credit facility.
The
foregoing is not a complete summary of the terms of the 2009 Bank Facility
described in this Item 1.01, and reference is made to the complete text of the
Loan and Security Agreement, filed herewith as an exhibit.
Item
9.01 Financial
Statements and Exhibits.
(d)
Exhibits
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Exhibit
No.
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Description
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10.1
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Loan
and Security Agreement (Cash Collateral Account)
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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.
Date: March
6, 2009
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AKEENA SOLAR,
INC. |
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By:
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/s/ Gary
R. Effren |
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Gary
R. Effren, |
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Chief
Financial Officer |
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Exhibit
Index
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Exhibit
No.
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Description
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10.1
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Loan
and Security Agreement (Cash Collateral Account), dated as of
February 10, 2009
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