<SEC-DOCUMENT>0000716634-17-000002.txt : 20170105
<SEC-HEADER>0000716634-17-000002.hdr.sgml : 20170105
<ACCEPTANCE-DATETIME>20170105170346
ACCESSION NUMBER:		0000716634-17-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170105
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20170105
DATE AS OF CHANGE:		20170105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			READING INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000716634
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE THEATERS [7830]
		IRS NUMBER:				953885184
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08625
		FILM NUMBER:		17511644

	BUSINESS ADDRESS:	
		STREET 1:		6100 CENTER DRIVE
		STREET 2:		SUITE 900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90045
		BUSINESS PHONE:		213 235 2240

	MAIL ADDRESS:	
		STREET 1:		6100 CENTER DRIVE
		STREET 2:		SUITE 900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90045

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITADEL HOLDING CORP
		DATE OF NAME CHANGE:	19941216
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rdi-20170105x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			Form 8K - Union Square Loan
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">UNITED STATES</font>
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			<font style="display: inline;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;">Washington, DC 20549</font>
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			<font style="display: inline;font-weight:bold;">FORM 8-K</font>
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			<font style="display: inline;">CURRENT REPORT</font>
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			<font style="display: inline;">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</font>
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			<font style="display: inline;">Date of report (Date of earliest event reported):&nbsp; </font><font style="display: inline;">December 30</font><font style="display: inline;">, 2016</font>
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			<font style="display: inline;font-weight:bold;font-size:20pt;text-decoration:underline;">READING INTERNATIONAL, INC.</font>
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			<font style="display: inline;">(Exact Name of Registrant as Specified in its Charter)</font>
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						<font style="display: inline;font-size:12pt;text-decoration:underline;">&#xFEFF;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Nevada</font></p>
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						<font style="display: inline;font-weight:bold;text-decoration:underline;">1-8625</font></p>
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						<font style="display: inline;font-weight:bold;text-decoration:underline;">95-3885184</font></p>
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						<font style="display: inline;">(State or Other Jurisdiction</font><br /><font style="display: inline;">of Incorporation)</font></p>
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						<font style="display: inline;">(Commission</font><br /><font style="display: inline;">File Number)</font></p>
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						<font style="display: inline;">(IRS Employer</font><br /><font style="display: inline;">Identification No.)</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;text-decoration:underline;">6100 Center Drive, Suite 900, Los Angeles, California</font></p>
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						<font style="display: inline;font-weight:bold;text-decoration:underline;">90045</font></p>
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						<font style="display: inline;">(Address of Principal Executive Offices)</font></p>
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						<font style="display: inline;">(Zip Code)</font></p>
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			<font style="display: inline;">Registrant's telephone number, including area code:&nbsp; </font><font style="display: inline;font-weight:bold;">(213) 235-2240</font>
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			<font style="display: inline;font-weight:bold;">N/A</font>
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			<font style="display: inline;">(Former Name or Former Address, if Changed Since Last Report)</font>
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			<font style="display: inline;">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:</font>
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			<font style="display: inline;">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display: inline;">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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			<font style="display: inline;">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
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			<font style="display: inline;">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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						<font style="display: inline;font-weight:bold;">Item&nbsp;2.03 </font></p>
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						<font style="display: inline;">&nbsp;</font><font style="display: inline;font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font><font style="display: inline;font-weight:bold;">. &nbsp;</font></p>
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			<font style="display: inline;">On December 30, 2016, Reading International, Inc. (&#x201C;Reading&#x201D;)</font><font style="display: inline;">,</font><font style="display: inline;"> closed facilities providing for construction and mezzanine financing totaling up to $57.5 million to be used for the redevelopment of 44 Union Square, in New York City.&nbsp;&nbsp;&nbsp;The facilities includes a $50 million construction facility (the &#x201C;Construction Loan&#x201D;) from</font><font style="display: inline;"> the</font><font style="display: inline;"> Bank of the Ozarks to the wholly-owned Reading subsidiaries that are doing the redevelopment and that own the applicable land, improvements and air rights (collectively, the &#x201C;Development Subsidiary&#x201D;) and a $7.5 million mezzanine loan (the &#x201C;Mezzanine Loan&#x201D; and collectively </font><font style="display: inline;">with the </font><font style="display: inline;">Construction Loan, </font><font style="display: inline;">the &#x201C;Loans&#x201D;) from an affiliate of Fisher Brothers to the parent of the Development Subsidiary</font><font style="display: inline;"> (the &#x201C;Mezzanine Borrower&#x201D;)</font><font style="display: inline;">.&nbsp;&nbsp;&nbsp;The Bank of the Ozarks and the Fisher Brothers affiliate are referred to herein as the &#x201C;Lenders.&#x201D;&nbsp;&nbsp; </font>
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			<font style="display: inline;">The Construction Loan is secured by all of the assets of the Development Subsidiary, including the land and improvements at 44 Union Square and associated air rights.&nbsp;&nbsp;&nbsp;The Mezzanine Loan is secured by a pledge of all of the equity interests in the Development Subsidiary.&nbsp;&nbsp;&nbsp;&nbsp;The Loans are guaranteed by Reading, and have an original maturity date of December 29, 2019, with (subject to the satisfaction of certain conditions precedent and the payment of extension fees) two one-year extension options.&nbsp;&nbsp;Interest on the Loans is payable monthly out of loan </font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"><font style="display: inline;">proceeds through the applicable amortization commencement&nbsp;&nbsp;date;&nbsp; </font><font style="display: inline;">provided</font><font style="display: inline;">, however, that the Construction Loan and Mezzanine Loan </font><font style="display: inline;">require </font><font style="display: inline;"> minimum interest payments of $2.5 million and $1.6 million, respectively</font><font style="display: inline;">,</font><font style="display: inline;"> over their respective terms</font><font style="display: inline;">.&nbsp;&nbsp;The interest rate on the Construction Loan </font><font style="display: inline;">is </font><font style="display: inline;">one-month LIBOR plus 425 basis points, subject to a floor rate of 4.75%.&nbsp;&nbsp;&nbsp;The Mezzanine Loan </font><font style="display: inline;">is</font><font style="display: inline;"> LIBOR (as specified by </font><font style="display: inline;">the Mezzanine Borrower</font><font style="display: inline;"> from time to time) plus 1,000 basis points, subject to a floor rate of 10.5%.&nbsp;&nbsp;At the closing, the Lenders were reimbursed</font><font style="display: inline;"> for their out of pocket costs </font><font style="display: inline;">plus</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">each Lender was paid a lenders fee equal to 1% of the amount of the Construction Loan and the Mezzanine Loan, as applicable.</font>
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			<font style="display: inline;">An initial funding of $8 million was made by the Bank of the Ozarks at the closing, to repay the existing mortgage encumbering 44 Union Square.&nbsp;&nbsp; </font><font style="display: inline;">The Development </font><font style="display: inline;">S</font><font style="display: inline;">ubsidiary </font><font style="display: inline;">has already invested </font><font style="display: inline;">in cash approximately $14</font><font style="display: inline;"> million </font><font style="display: inline;">in</font><font style="display: inline;"> this project</font><font style="display: inline;"> (in addition to the value of the underlying land)</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">Subject to the satisfaction of certain conditions precedent, including the investment, calculated as of the date of closing, of not less than approximately </font><font style="display: inline;">$</font><font style="display: inline;">17</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">million in additional equity by the Development Subsidiary,&nbsp;&nbsp;the remainder of the Loan Proceeds will be disbursed</font><font style="display: inline;"> monthly subject to the satisfaction of applicable conditions to such advances.</font><font style="display: inline;"> &nbsp; </font>
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			<font style="display: inline;">Outstanding loan balance amortization payments on the Construction loan begin in September, 2019, unless prior to that date the Development Subsidiary achieves a specified debt coverage ratio and debt yield that would support an earlier repayment of principal.&nbsp;&nbsp;&nbsp;Such payments are to be equal to the principal and interest payment due each month based on the then outstanding loan balance, the interest rate, and a declining twenty-five year amortization period.</font><font style="display: inline;"> &nbsp;The outstanding </font><font style="display: inline;">loan balance on the Mezzanine Loan is all due and payable at maturity (as extended pursuant to the exercise of any extension option). </font>
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			<font style="display: inline;">Reading, as guarantor, is required to maintain unencumbered cash balances </font><font style="display: inline;">and available lines of credit </font><font style="display: inline;">in an amount of not less than $7.5 million and a minimum tangible fair market value net worth of $50,000,000 (calculated without reference to its ownership interest in the Development Subsidiary).&nbsp;&nbsp;In the event that the Construction Loan and the Mezzanine Loan are paid in full by Reading under is guaranty,&nbsp;&nbsp;Reading will be entitled to step into the shoes of the Lenders.</font>
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			<font style="display: inline;">The Loans are subject to usual and customary default and cure provisions.</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-weight:bold;">SIGNATURES</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:left;line-height:100%;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">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.</font>
		</p>
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						<font style="display: inline;">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.</font><font style="display: inline;">3</font><font style="display: inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">READING INTERNATIONAL, INC.</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Date: </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">January</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">5, 2017</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">By:</font></p>
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				<td valign="top" style="width:168.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">/s/ </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Devasis Ghose</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Name:</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Devasis Ghose</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:48.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Title:</font></p>
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					<p style="margin:0pt;text-align:left;font-family:Arial Unicode MS;line-height:100%;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Executive Vice President and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chief </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Financial</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> Officer</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
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