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): | October 2, 2007 |
Ladenburg Thalmann Financial Services Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Florida | 001-15799 | 650701248 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
4400 Biscayne Blvd., 12th Floor, Miami, Florida | 33137 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | (212) 409-2000 |
Not Applicable
______________________________________________
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:
[ ] 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))
Item 1.01 Entry into a Material Definitive Agreement.
On October 2, 2007, Ladenburg Thalmann & Co. Inc., the principal operating subsidiary of Ladenburg Thalmann Financial Services Inc. ("Company"), entered into a $72,000,000 temporary Subordinated Loan Agreement on NYSE Form CSAT ("Loan Agreement") with Frost Gamma Investments Trust, an affiliate of Dr. Phillip Frost, the Chairman of the Board of Directors of the Company and the Company's principal shareholder. The Loan Agreement bears interest at the London Inter-Bank Offer Rate (LIBOR) plus 2%, payable monthly, and provides for a commitment fee of $420,000. The Loan Agreement requires repayment by November 14, 2007. The Company entered into the Loan Agreement to meet certain capital requirements in connection with underwriting transactions. The Company’s Audit Committee approved the terms of the transaction.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in Item 1.01 of this Current Report is incorporated by reference.
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.
Ladenburg Thalmann Financial Services Inc. | ||||
October 5, 2007 | By: |
/s/ Diane Chillemi
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Name: Diane Chillemi | ||||
Title: VP and Chief Financial Officer |