On May 24, 2010, the Company and its three wholly owned subsidiaries, Spectrum Numismatics International, Inc. ("SNI"), Bowers & Merena Auctions, LLC ("Bowers"), and Teletrade, Inc., a Delaware corporation ("Teletrade"), entered into various other agreements, effective as of May 12, 2010, with Brown Brothers Harriman & Co. ("Lender"), providing for a line of credit ("Credit Line") to SNI, Bowers and Teletrade up to a maximum of $7,500,000. Amounts outstanding under the Credit Line are secured by the assets of SNI and are guaranteed by the Company. The Company's obligations under the guaranty are secured by the pledge by the Company of the stock of SNI owned by it. The Credit Line is repayable on demand. Interest on amounts outstanding accrue at the Lender's "Base Rate" (which is subject to change from time to time), plus 1.50% per annum.
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: May 28, 2010
SPECTRUM GROUP INTERNATIONAL, INC.
By:/s/ Carol Meltzer
Name: Carol Meltzer Title: General Counsel and Executive Vice President
On May 24, 2010, the Company and its three wholly owned subsidiaries, Spectrum Numismatics International, Inc. ("SNI"), Bowers & Merena Auctions, LLC ("Bowers"), and Teletrade, Inc., a Delaware corporation ("Teletrade"), entered into various other agreements, effective as of May 12, 2010, with Brown Brothers Harriman & Co. ("Lender"), providing for a line of credit ("Credit Line") to SNI, Bowers and Teletrade up to a maximum of $7,500,000. Amounts outstanding under the Credit Line are secured by the assets of SNI and are guaranteed by the Company. The Company's obligations under the guaranty are secured by the pledge by the Company of the stock of SNI owned by it. The Credit Line is repayable on demand. Interest on amounts outstanding accrue at the Lender's "Base Rate" (which is subject to change from time to time), plus 1.50% per annum.
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: May 28, 2010
SPECTRUM GROUP INTERNATIONAL, INC.
By:/s/ Carol Meltzer
Name: Carol Meltzer Title: General Counsel and Executive Vice President
