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
30, 2006
Shells
Seafood Restaurants, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
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0-28258
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65-0427966
|
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
|
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16313
N. Dale Mabry Hwy, Suite 100, Tampa, FL
|
33618
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(Address
of Principal Executive Offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area code:
(813)
961-0944
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 (see General Instruction A.2 below):
[
] 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 30, 2006, Shells Seafood Restaurants, Inc. (the “Company”) repaid in
full the bank credit facility with Colonial Bank (the “Bank”) in the principal
amount of $500,000, with proceeds from a financing transaction on the Company’s
New Smyrna restaurant location. The repayment was completed within the terms
of
the agreement, as amended. The credit facility which originated in December
2005, bore interest at the bank’s base rate plus 1%. The interest rate was 9.25%
on October 30, 2006.
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.
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Date:
November 2, 2006
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SHELLS
SEAFOOD RESTAURANTS, INC.
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By:
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/s/
Warren R.
Nelson
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Name:
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Warren
R. Nelson
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Title:
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Vice
President and Chief Financial Officer
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