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): June 23,
2008
GREEN
BUILDERS, INC.
(Exact
name of registrant as specified in its charter)
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Texas
(State
or other jurisdiction
of
incorporation)
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001-33408
(Commission
File
Number)
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76-0547762
(IRS
Employer
Identification
Number)
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8121
Bee Caves Road
Austin,
Texas 78746
(Address
of principal executive offices)
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(512)
732-0932
(Registrant’s
telephone number, including area
code)
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N/A
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(Former
Name of Former Address, if Changed Since Last Report)
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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 June
23, 2008, Wilson Family Communities, Inc. (“WFC”), a wholly-owned
subsidiary of Green Builders, Inc. (the “Company”) entered into an Agreement to
Modify Loan Documents, dated as of June 23, 2008 (the “Modification Agreement”),
with a syndicate of banks led by RBC Centura Bank, as administrative agent (the
“Agent”) to modify the terms of the loans provided by the syndicate of banks
pursuant to the Borrowing Base Loan Agreement dated June 29, 2007 (the “Loan
Agreement”). The Modification Agreement modified the terms of the
Loan Agreement by reducing the loan commitment amount from $55 million to $30
million, changing the guarantor under the loan from Wilson Holdings, Inc. (our
predecessor entity) to the Company, and modifying certain limitations under the
Loan Agreement. The Company currently has approximately $16 million
in borrowings for land and home construction under the Loan Agreement.
The
Modification Agreement will reduce the amount the Company can borrow in the
future pursuant to the Loan Agreement but does not modify the terms of or
require the Company to reduce any borrowings currently outstanding pursuant to
the Loan Agreement.
The above
description of the material terms of the Modification Agreement is not a
complete statement of the parties’ rights and obligations with respect to the
agreement. The above statements are qualified in their entirety by reference to
the Modification Agreement, a copy of which is filed as exhibit 10.1
hereto.
Item 9.01 Financial
Statements and Exhibits.
(d)
Exhibits
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Exhibit
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Description
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10.1
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Agreement to Modify
Loan Documents dated as of June 23, 2008 by and between the Company and a
syndicate of banks led by RBC Centura Bank, as administrative
agent.
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SIGNATURE
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.
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GREEN BUILDERS,
INC.
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Dated: June
27, 2008
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By:
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/s/ Clark
Wilson
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Clark
Wilson
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President
and Chief Executive Officer
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