Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On March 27, 2009, infoGROUP Inc. (the "Company") and its wholly-owned
subsidiary, Opinion Research Corporation ("Opinion Research"), entered into a
Stock Purchase Agreement (the "Purchase Agreement") with ICF International, Inc.
("ICF International") and ICF Consulting Group, Inc., a wholly owned subsidiary
of ICF International ("ICF Consulting") (collectively with ICF International to
be referred to as "ICF"). All of the parties to the Purchase Agreement are
incorporated in Delaware. Pursuant to the Purchase Agreement, ICF Consulting
will purchase 100% of the issued and outstanding stock of Macro International
Inc., a Delaware corporation ("Macro"), which is wholly owned by Opinion
Research (the "Purchase").
Under the terms of the Purchase Agreement, ICF will pay an aggregate purchase
price of approximately $155 million in exchange for all of the shares of common
stock of Macro, subject to a dollar-for-dollar working capital adjustment that
will either increase or decrease the purchase price depending upon whether the
final working capital amount is more or less than $20 million.
Other than in respect of the Purchase Agreement, there exists no material
relationship between ICF or its affiliates and the Company or its affiliates.
A copy of the press release announcing the execution of the Purchase
Agreement is filed as Exhibit 99.1 to this Form 8-K.
The parties to the Second Amended and Restated Credit Agreement, dated
February 14, 2006, as amended, between the Company and the lenders thereto (the
"Credit Agreement") entered into a Fifth Amendment (the "Fifth Amendment") to
the Credit Agreement which, among other things: (1) consented to the sale of
Macro to ICF; and (2) governs the application of proceeds from the sale of
Macro. The Fifth Amendment did not change the terms of the Credit Agreement. The
Fifth Amendment became effective contemporaneously with the closing of the
transactions contemplated by the Purchase Agreement. The foregoing description
does not constitute a complete summary of the terms of the Fifth Amendment and
is qualified in its entirety by reference to the full text of the Fifth
Amendment which is filed as Exhibit 10.1 to this Form 8-K and incorporated
herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 31, 2009, the Company and Opinion Research completed the sale of
Macro to ICF Consulting pursuant to the Purchase Agreement, which is disclosed
in Item 1.01 to this Form 8-K. The information in this Form 8-K does not
constitute a complete summary of the terms of the Purchase Agreement and is
qualified in its entirety by reference to the full text of the Purchase
Agreement which is filed as Exhibit 2.1 to this Form 8-K and incorporated herein
by reference.
Item 9.01 Financial Statements and Exhibits.
(b) Pro Forma Financial Statements
The required pro forma financial statements will be filed by amendment to
this Form 8-K on or before Monday, April 6, 2009.
(d) Exhibits
The following exhibits are furnished pursuant to Items 1.01, 2.01 and 2.03:
Exhibit
No. Description
2.1 Stock Purchase Agreement By and Among ICF Consulting Group, Inc., ICF
International, Inc., infoGROUP Inc. and Opinion Research Corporation dated
as of March 27, 2009
10.1 Fifth Amendment to the Second Amended and Restated Credit Agreement, dated
March 23, 2009, among infoGROUP Inc., the financial institutions a party
thereto in the capacity of a Lender, Bank of America, N.A., successor in
interest to LaSalle Bank National Association and Citibank, N.A., as
syndication agents, Bank of America, N.A., as documentation agent, and Wells
Fargo Bank, National Association, as sole lead arranger, sole book runner
and administrative agent
99.1 Press Release of infoGROUP dated March 30, 2009