Unassociated Document
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) January 16, 2008

 
Shells Seafood Restaurants, Inc.
(Exact Name of Registrant as Specified in its Charter)
 

Delaware
  
0-28258
  
65-0427966
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
         
16313 N. Dale Mabry Hwy, Suite 100, Tampa, FL
  
33618
(Address of Principal Executive Offices)
  
(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 January 16, 2008, Shells Seafood Restaurants, Inc. (the “Company”) entered into a line of credit loan facility with Colonial Bank, N.A. in the amount of $350,000. The loan carries a variable interest rate of 1% above prime bank rate. The initial rate is 8.25%. The line of credit facility matures on September 19, 2008 and is secured by the $1,050,000 letter of credit with Food and Entertainment Co. The Company will use the funds for working capital purposes. The preceding description of the terms of the line of credit facility are qualified by reference to Exhibit 10.1 to this Report.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Item No. Description
   
10.1
Line of Credit Agreement with Colonial Bank, dated January 16, 2008.
 
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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.
 
  SHELLS SEAFOOD RESTAURANTS, INC.
   
Date: January 22, 2008
  
  By: ____________________________________
 
Name: Leslie J. Christon
 
Title: President and Chief Executive Officer
 
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Exhibit Index
 
Item No. Description
   
10.1
Line of Credit Agreement with Colonial Bank, dated January 16, 2008.
 
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