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): August 24, 2007
CAPLEASE,
INC.
(Exact
name of registrant as specified in its charter)
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Maryland
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1-32039
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52-2414533
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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1065
Avenue of the Americas, New York, NY
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10018
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (212) 217-6300
(Former
name or former address, if changed since last report.)
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:
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant
to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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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
August 24, 2007, CapLease, Inc. and certain of its subsidiaries
(collectively, “CapLease” or “we”), including its operating partnership,
Caplease, LP, entered into an amendment to that certain master repurchase
agreement dated as of September 22, 2004 with Wachovia Bank, N.A. The
repurchase agreement is CapLease’s primary short-term borrowing facility. The
repurchase agreement, which is a 364-day secured facility and was scheduled
to
expire on August 24, 2007, was extended for another 364 days. Pursuant to
the amendment, CapLease’s core borrowing capacity of $250 million on the
facility has been extended until August 23, 2008. In addition, our right to
temporarily borrow up to $500 million on the facility has been extended until
the closing of our next collateralized debt obligation, or CDO, issuance. As
of
the date hereof, we have outstanding borrowings of $387.1 million under the
repurchase agreement.
On
August
24, 2007, CapLease, Inc. and one of its subsidiaries entered into an amendment
to that certain revolving credit agreement (the “Revolver”) dated as of July 17,
2007 with Wachovia Bank, N.A. Pursuant to the amendment, our borrowing capacity
under the Revolver was reduced to $30 million, from $40 million. As of the
date
hereof, we have no borrowings outstanding under the Revolver.
On
August 24, 2007, we allowed our $100 million acquisition facility with
Wachovia Bank and one of its affiliates to expire by its terms. The acquisition
facility was entered into in August 2005 to enable us to finance our real
property acquisitions for up to 90 days while we arranged long-term financing.
We concluded that we no longer have a need for the acquisition facility, as
we
only utilized it once in the two years it was available to us and we have
sufficient alternative sources of short-term financing for future real property
acquisitions, including the Revolver and our repurchase agreement. We had no
borrowings outstanding under the acquisition facility at the time it expired,
as
we had not borrowed under the acquisition facility since July 2006.
The
description of the repurchase agreement amendment and Revolver amendment is
qualified by reference to the full text of the amendments that is attached
hereto as an exhibit and is incorporated herein by reference.
Wachovia
Investors, Inc., an affiliate of Wachovia Bank, owns less than five percent
of
our outstanding common stock. From time to time we obtain long-term mortgage
financings on our real property acquisitions from Wachovia Bank. From time
to
time, we may sell assets to Wachovia Bank or its affiliates on what we believe
are fair market terms. We have in the past engaged affiliates of Wachovia Bank
to perform investment banking services on our behalf, and we expect to continue
to do so in the future. In addition, we enter into derivative transactions
with
Wachovia Bank from time to time.
Item
9.01.
Financial
Statements and Exhibits.
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Exhibit
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Description
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10.1
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Amendment
No. 9 to Master Repurchase Agreement, dated as of August 24, 2007, by
and between Caplease, LP, CapLease, Inc., Caplease Services Corp.,
Caplease Debt Funding, LP and Wachovia Bank, National Association
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10.2
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Amendment
No. 1 to Revolving Loan Agreement, dated as of August 24, 2007, by
and between CapLease, Inc., PREFCO II Limited Partnership and Wachovia
Bank, National Association
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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.
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CAPLEASE,
INC.
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By: |
/s/ Shawn
P.
Seale |
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Shawn
P. Seale |
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Senior
Vice President, Chief Financial Officer and Treasurer |
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Date: August 29, 2007
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