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): July 17,
2008
________________________________
P.A.M. TRANSPORTATION
SERVICES, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-15057
|
71-0633135
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
297 West Henri De Tonti,
Tontitown, Arkansas 72770
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (479)
361-9111
|
N/A
|
||
|
(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 (see General Instruction A.2. below):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item
2.03
|
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
|
On July
17, 2008, a subsidiary (the “Debtor”) of P.A.M. Transportation Services, Inc.,
entered into two separate installment note agreements (Note 1 and Note 2,
respectively) with DCFS USA LLC (the “Creditor”) representing combined
borrowings of approximately $13,000,000 to be used for the purchase of revenue
equipment. Under the terms of Note 1, monthly installment payments in the amount
of $54,327 will be due beginning September 25, 2008 and on the twenty-fifth day
of each month thereafter with a final payment of $1,063,322 due August 25, 2011.
Under the terms of Note 2, monthly installment payments in the amount of
$858,540 will be due beginning August 20, 2008 and on the twentieth day of each
month thereafter with a final payment of $858,540 due July 20,
2009.
Under the
terms of each of the separate installment note agreements, the Creditor has the
right at its sole option to insist on immediate payment in full of all
indebtedness upon the occurrence of any one or more of the following events: (1)
failure of the Debtor to make any payment under the installment note agreement
when due; or (2) Debtor default under any other loan, lease, extension of
credit, or obligation owing to the Creditor or any affiliate of the Creditor; or
(3) Debtor, without the Creditor’s consent (a) makes a significant change in the
management, ownership or control; or (b) merges, transfers, acquires or
consolidates with any other entity; or (4) Debtor becomes insolvent or the
subject of a bankruptcy or other relief from creditors; or (5) if any of the
equipment is seized under process of law; or (6) if any guaranty of the Debtor’s
obligations under this agreement is withdrawn or becomes unenforceable for any
reason; or (7) if Creditor reasonably believes itself to be insecure in the
repayment of this installment note agreement; or (8) the Debtor is in default
under any other provision of this installment note agreement. After default and
acceleration, the Debtor agrees to continue to pay Creditor interest on the then
unpaid balance of indebtedness at the rate of eighteen percent per annum, or
such lesser rate as may be limited by law.
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.
|
P.A.M. TRANSPORTATION SERVICES,
INC.
|
||
|
(Registrant)
|
||
|
Date: July
22, 2008
|
By:
/s/ Robert W. Weaver
|
|
|
Robert
W. Weaver
President
and Chief Executive Officer
|