-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NOfBKAX06AdOEbnpj7SPVhXPbV1lrXoxU1T1oYtwH4TxBEZqhrsAjZiyfKFEMcgq YRLHRRkXP3C1xxh0GLakbg== 0000872202-04-000017.txt : 20041001 0000872202-04-000017.hdr.sgml : 20041001 20040930195219 ACCESSION NUMBER: 0000872202-04-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040928 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20041001 DATE AS OF CHANGE: 20040930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AVALON CORRECTIONAL SERVICES INC CENTRAL INDEX KEY: 0000872202 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-FACILITIES SUPPORT MANAGEMENT SERVICES [8744] IRS NUMBER: 133592263 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20307 FILM NUMBER: 041056401 BUSINESS ADDRESS: STREET 1: 13401 RAILWAY DR CITY: OKLAHOMA CITY STATE: OK ZIP: 73114 BUSINESS PHONE: 4057528802 MAIL ADDRESS: STREET 1: 13401 RAILWAY DRIVE CITY: OKLAHOMA CITY STATE: OK ZIP: 73114 FORMER COMPANY: FORMER CONFORMED NAME: AVALON COMMUNITY SERVICES INC DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: AVALON ENTERPRISES INC DATE OF NAME CHANGE: 19600201 8-K 1 k8bofa.txt FORM 8-K 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) September 28, 2004 -------------------------------------------------------------- Avalon Correctional Services, Inc. -------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) Nevada 0-20307 13-3592263 -------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 13401 Railway Drive, Oklahoma City, OK 73114 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) 405-752-8802 ------------------------------------------------------------------------------ (Registrant's telephone number, including area code) 1 INFORMATION TO BE INCLUDED IN THE REPORT Item 7.01. Regulation FD Disclosure. Avalon Correctional Services, Inc., (the "Company") announces that on September 28, 2004, the Company entered into a Credit Agreement with Bank of America, N.A. Under the terms of this Credit Agreement, Bank of America has provided to the Company a $1 million revolving credit facility and a $4.5 million term loan credit facility. The credit facilities will bear interest at a 30 day LIBOR rate plus 250 basis points. The revolving credit facility matures in two years, with interest to be paid monthly, and the principal paid at maturity. The term loan credit facility matures in three years, with level monthly principal and interest payments based upon a fifteen year amortization schedule. The Bank of America credit facilites are secured by a mortgage on one Company facility in Oklahoma City, Oklahoma, and a lien on Company receivables and other non-real property Company assets (except for receivables and other assets attributable to the Company's Colorado operations). The proceeds of the term loan credit facility, together with other Company funds, will be used to pay off remaining debt owed by the Company to Fleet Capital Corporation. The revolving credit facility will be used for working capital needs of the Company. SIGNATURE 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, thereunto duly authorized. AVALON CORRECTIONAL SERVICES, INC. s// Donald E. Smith DONALD E. SMITH Chairman of the Board and Chief Executive Officer Dated: September 28, 2004 2 -----END PRIVACY-ENHANCED MESSAGE-----