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 4, 2008
CAGLE’S, INC.
(Exact
name of registrant as specified in its charter)
Georgia
……………….……………
1-7138
…………..…..………
58-0625713
(State
or other jurisdiction of incorporation)……...(Commission File Number)
.........(I.R.S. Employer Identification No.)
2
000 Hills Avenue,
N.W.
, Atlanta,
Ga.
…….…………
30318
(Address
of principal executive offices)……………….………(Zip Code)
(404)
355-2820
(Registrant’s telephone
number, including area code)
Not applicable.
(Former name or former
address, if changed since last report)
Check the
appropriate box 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))
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SECTION 2 - FINANCIAL INFORMATION
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On September 4, 2008, Cagle’s, Inc. and its wholly owned subsidiary Cagle Farms, Inc. (the "Company") signed a Third Amended and Restated Revolving Line of Credit and Security Agreement (the “Agreement”), effective as of September 4, 2008, with AgSouth Farm Credit, ACA, an agricultural credit association ("the Association").
There are four primary changes to the existing Agreement between the parties:
1. The revolving credit facility (“Facility”) is now in the amount of $21,000,000.
2. The covenant concerning the Borrowers’ Minimum Tangible Net Worth is temporarily being reduced from $40,000,000.00 to $35,000,000.00.
3. The advance rate with respect to Eligible Receivables is being increased from 60% to 70%.
4. The Borrowers are re-confirming, effective as of the Effective Date of This Restated Agreement, all of the representations, warranties, and covenants originally made by the Borrowers in the Agreement
No other changes to the Agreement materially modify the description in the Company’s previous 8-K filings.