<HTML>
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<TITLE>8-K</TITLE>
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<DIV style="margin-left: 0.25in; width: 7.2in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May 4, 2009 (April 30, 2009)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B> Newcastle Investment Corp.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TD width="32%">&nbsp;</TD>
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<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
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<TD nowrap align="center" valign="top"><B>Maryland
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>001-31458
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>81-0559116</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
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<TD align="center" valign="top"><B>1345 Avenue of the Americas, 46th Floor<BR>
New York, New York
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>10105</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(212) 798-6100</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01 Entry Into a Material Definitive Agreement.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;30, 2009, Newcastle Investment Corp. (the &#147;Company&#148;) entered into an Exchange Agreement
(the &#147;Exchange Agreement&#148;) with several collateralized debt obligations managed by Taberna Capital
Management, LLC (together &#147;Taberna&#148;), pursuant to which the Company agreed to exchange newly issued
junior subordinated notes due 2035 in an initial aggregate principal amount of $101.7&nbsp;million (the
&#147;Notes&#148;) for $100&nbsp;million in aggregate liquidation amount of trust preferred securities that were
previously issued by a subsidiary of the Company (the &#147;TRUPs&#148;) and were owned by Taberna. As
discussed in more detail below, the Notes will accrue interest at a rate of 1.0% per year for a
specified Modification Period (defined below), which is lower than the interest rate that the
Company was required to pay on the TRUPs (7.54%). In conjunction with the exchange, the TRUPs were
cancelled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Notes were issued pursuant to the Junior Subordinated Indenture, dated April&nbsp;30, 2009, between
the Company and The Bank of New York Mellon Trust Company, National Association (&#147;BNYM&#148;), as
trustee (the &#147;Indenture&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Notes will increase in aggregate principal amount from $101.7&nbsp;million to $104.9&nbsp;million during
a specified period (the &#147;Modification Period&#148;) according to the following schedule:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Aggregate Principal Amount of Notes</TD>
    <TD>&nbsp;</TD>
</TR>


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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4/30/09</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">101,700,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10/30/09</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">102,500,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1/30/10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">103,300,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4/30/10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">104,100,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7/30/10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">104,900,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Modification Period will end on July&nbsp;30, 2010 or such earlier date as the Company may elect at
any time and in its sole discretion. If the Company does elect to terminate the Modification
Period, the aggregate principal amount outstanding will be fixed through maturity at the amount in
effect as of the termination date. During the Modification Period, the Company will pay interest at
a rate of 1.0% annually on the aggregate principal amounts described above. At the end of the
Modification Period, the Company will pay interest on the aggregate principal amounts described
above at a fixed rate of 7.574% annually through April&nbsp;2016, and thereafter the Company will pay a
variable rate equal to LIBOR plus 2.25% annually. During the Modification Period the Company will
be subject to certain restrictions, including limitations on its ability to pay dividends on shares
of its common stock or preferred stock, subject to REIT dividend requirements. The Indenture
contains customary events of default, including nonpayment of principal or interest when due,
defaults based on events of bankruptcy and insolvency, and cross-default provisions to the Pledge
Agreements (as defined below).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Concurrently with its entry in to the Exchange Agreement, the Company entered into the Pledge and
Security Agreement with BNYM, as trustee under the Indenture, and the Pledge, Security Agreement
and Account Control Agreement with NIC TP LLC<B>, </B>as pledgor, and BNYM, as bank and as trustee under
the Indenture (together, the &#147;Pledge Agreements&#148;), whereby the Company granted in favor of BNYM
100% of the Company&#146;s equity interests in NIC TP LLC, the special
purpose subsidiary that holds the Company&#146;s participation in a loan and related deposit account.
The pledged collateral will be released at the end of the Modification Period.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The foregoing summary does not describe all of the terms contained in the aforementioned agreements
and is qualified in its entirety by reference to the full text of the Exchange Agreement, the
Indenture and the Pledge Agreements, which are filed as Exhibits 10.1, 4.1, 4.2 and 4.3 hereto,
respectively, and are incorporated by reference herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.03 Creation of a Direct Financial Obligation.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The information provided with respect to the Notes and the Pledge Agreements in Item&nbsp;1.01 of this
Current Report on Form 8-K is incorporated by reference into this Item&nbsp;2.03.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(d) </B><B><I>Exhibits.</I></B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Junior Subordinated Indenture between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association,
dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge and Security Agreement between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association, as
trustee, dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge, Security Agreement and Account Control Agreement among
Newcastle Investment Corp., NIC TP LLC, as pledgor, and The Bank of
New York Mellon Trust Company, National Association, as bank and
trustee, dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exchange Agreement between Newcastle Investment Corp. and Taberna
Preferred Funding IV, Ltd., Taberna Preferred Funding V, Ltd.,
Taberna Preferred Funding VI, Ltd. and Taberna Preferred Funding VII,
Ltd., dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><u><B>Newcastle Investment Corp.</B></u><BR>
<FONT style="white-space: nowrap">(Registrant)</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 4, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Brian C. Sigman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Brian C. Sigman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Junior Subordinated Indenture between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association,
dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge and Security Agreement between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association, as
trustee, dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge, Security Agreement and Account Control Agreement among
Newcastle Investment Corp., NIC TP LLC, as pledgor and The Bank of
New York Mellon Trust Company, National Association, as bank and
trustee, dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exchange Agreement between Newcastle Investment Corp. and Taberna
Preferred Funding IV, Ltd., Taberna Preferred Funding V, Ltd.,
Taberna Preferred Funding VI, Ltd. and Taberna Preferred Funding VII,
Ltd., dated April&nbsp;30, 2009.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</HTML>
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{"company-data": {"conformed-name": "NEWCASTLE INVESTMENT CORP", "cik": "0001175483", "assigned-sic": "6798", "irs-number": "810559116", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31458", "film-number": "09791832"}, "business-address": {"street1": "C/O FORTRESS", "street2": "1251 AVENUE OF THE AMERICAS 16TH FL", "city": "NEW YORK", "state": "NY", "zip": "10020", "phone": "2127986100"}, "mail-address": {"street1": "C/O FORTRESS", "street2": "1251 AVENUE OF THE AMERICAS 16TH FL", "city": "NEW YORK", "state": "NY", "zip": "10020"}}
8-K
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): May 4, 2009 (April 30, 2009)
Newcastle Investment Corp.
(Exact name of registrant as specified in its charter)
Maryland
001-31458
81-0559116
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1345 Avenue of the Americas, 46th Floor
New York, New York
10105
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(212) 798-6100
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 April 30, 2009, Newcastle Investment Corp. (the "Company") entered into an Exchange Agreement
(the "Exchange Agreement") with several collateralized debt obligations managed by Taberna Capital
Management, LLC (together "Taberna"), pursuant to which the Company agreed to exchange newly issued
junior subordinated notes due 2035 in an initial aggregate principal amount of $101.7 million (the
"Notes") for $100 million in aggregate liquidation amount of trust preferred securities that were
previously issued by a subsidiary of the Company (the "TRUPs") and were owned by Taberna. As
discussed in more detail below, the Notes will accrue interest at a rate of 1.0% per year for a
specified Modification Period (defined below), which is lower than the interest rate that the
Company was required to pay on the TRUPs (7.54%). In conjunction with the exchange, the TRUPs were
cancelled.
The Notes were issued pursuant to the Junior Subordinated Indenture, dated April 30, 2009, between
the Company and The Bank of New York Mellon Trust Company, National Association ("BNYM"), as
trustee (the "Indenture").
The Notes will increase in aggregate principal amount from $101.7 million to $104.9 million during
a specified period (the "Modification Period") according to the following schedule:
Date
Aggregate Principal Amount of Notes
4/30/09
$
101,700,000
10/30/09
$
102,500,000
1/30/10
$
103,300,000
4/30/10
$
104,100,000
7/30/10
$
104,900,000
The Modification Period will end on July 30, 2010 or such earlier date as the Company may elect at
any time and in its sole discretion. If the Company does elect to terminate the Modification
Period, the aggregate principal amount outstanding will be fixed through maturity at the amount in
effect as of the termination date. During the Modification Period, the Company will pay interest at
a rate of 1.0% annually on the aggregate principal amounts described above. At the end of the
Modification Period, the Company will pay interest on the aggregate principal amounts described
above at a fixed rate of 7.574% annually through April 2016, and thereafter the Company will pay a
variable rate equal to LIBOR plus 2.25% annually. During the Modification Period the Company will
be subject to certain restrictions, including limitations on its ability to pay dividends on shares
of its common stock or preferred stock, subject to REIT dividend requirements. The Indenture
contains customary events of default, including nonpayment of principal or interest when due,
defaults based on events of bankruptcy and insolvency, and cross-default provisions to the Pledge
Agreements (as defined below).
Concurrently with its entry in to the Exchange Agreement, the Company entered into the Pledge and
Security Agreement with BNYM, as trustee under the Indenture, and the Pledge, Security Agreement
and Account Control Agreement with NIC TP LLC
,
as pledgor, and BNYM, as bank and as trustee under
the Indenture (together, the "Pledge Agreements"), whereby the Company granted in favor of BNYM
100% of the Company's equity interests in NIC TP LLC, the special
purpose subsidiary that holds the Company's participation in a loan and related deposit account.
The pledged collateral will be released at the end of the Modification Period.
The foregoing summary does not describe all of the terms contained in the aforementioned agreements
and is qualified in its entirety by reference to the full text of the Exchange Agreement, the
Indenture and the Pledge Agreements, which are filed as Exhibits 10.1, 4.1, 4.2 and 4.3 hereto,
respectively, and are incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation.
The information provided with respect to the Notes and the Pledge Agreements in Item 1.01 of this
Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
4.1
Junior Subordinated Indenture between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association,
dated April 30, 2009.
4.2
Pledge and Security Agreement between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association, as
trustee, dated April 30, 2009.
4.3
Pledge, Security Agreement and Account Control Agreement among
Newcastle Investment Corp., NIC TP LLC, as pledgor, and The Bank of
New York Mellon Trust Company, National Association, as bank and
trustee, dated April 30, 2009.
10.1
Exchange Agreement between Newcastle Investment Corp. and Taberna
Preferred Funding IV, Ltd., Taberna Preferred Funding V, Ltd.,
Taberna Preferred Funding VI, Ltd. and Taberna Preferred Funding VII,
Ltd., dated April 30, 2009.
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.
Newcastle Investment Corp.
(Registrant)
Date: May 4, 2009
By:
/s/ Brian C. Sigman
Name:
Brian C. Sigman
Title:
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
4.1
Junior Subordinated Indenture between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association,
dated April 30, 2009.
4.2
Pledge and Security Agreement between Newcastle Investment Corp. and
The Bank of New York Mellon Trust Company, National Association, as
trustee, dated April 30, 2009.
4.3
Pledge, Security Agreement and Account Control Agreement among
Newcastle Investment Corp., NIC TP LLC, as pledgor and The Bank of
New York Mellon Trust Company, National Association, as bank and
trustee, dated April 30, 2009.
10.1
Exchange Agreement between Newcastle Investment Corp. and Taberna
Preferred Funding IV, Ltd., Taberna Preferred Funding V, Ltd.,
Taberna Preferred Funding VI, Ltd. and Taberna Preferred Funding VII,
Ltd., dated April 30, 2009.