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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM <ix:nonNumeric contextRef="d20198K" name="dei:DocumentType"><b>8-K</b></ix:nonNumeric></b></p>

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<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>CURRENT REPORT</b></p>

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<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported): <b> </b><ix:nonNumeric contextRef="d20198K" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate"><b>December</b><b> </b><b>11</b><b>, 2019</b></ix:nonNumeric></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 18pt; margin: 0pt; text-align: center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityRegistrantName"><b>StarTek, Inc.</b></ix:nonNumeric></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in charter)</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityFileNumber"><b>1-12793</b></ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or Other Jurisdiction of Incorporation)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer Identification No.)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressAddressLine1"><b>Carrara Place</b></ix:nonNumeric></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressAddressLine2"><b>4th Floor Suite&#xa0;485</b></ix:nonNumeric></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressAddressLine3"><b>6200 South Syracuse Way</b></ix:nonNumeric></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressCityOrTown"><b>Greenwood Village</b></ix:nonNumeric><b>, <ix:nonNumeric contextRef="d20198K" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince"><b>Colorado</b></ix:nonNumeric> <ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressPostalZipCode"><b>80111</b></ix:nonNumeric></b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(<ix:nonNumeric contextRef="d20198K" name="dei:CityAreaCode"><b>303</b></ix:nonNumeric>) <ix:nonNumeric contextRef="d20198K" name="dei:LocalPhoneNumber"><b>262-4500</b></ix:nonNumeric></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&#xa0;</b>(Registrant&#8217;s telephone number, including area code)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former name, former address and former fiscal year, if changed since last report)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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 (<i>see </i>General Instruction A.2. below):</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:15pt;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications">&#9744;</ix:nonNumeric>&#xa0;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:15pt;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial">&#9744;</ix:nonNumeric>&#xa0;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:15pt;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer">&#9744;</ix:nonNumeric>&#xa0;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:15pt;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric>&#xa0;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:15pt;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Securities registered pursuant to Section 12(b) of the Act:</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title of each class</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Trading Symbol(s)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Name of each exchange on which registered</p>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 38%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:Security12bTitle"><b>Common Stock</b></ix:nonNumeric><b>, $0.01 par value</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:TradingSymbol"><b>SRT</b></ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><b>New York Stock Exchange</b></ix:nonNumeric><b>, Inc.</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&#xa0;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). Emerging growth company <ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 1.01</b></p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Entry into a Material Definitive Agreement</b></p>
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		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On December 11, 2019, Startek, Inc. (the &#8220;Company&#8221;) entered into a Receivables Purchase Agreement (the &#8220;Receivables Purchase Agreement&#8221;) between the Company and ING Belgium NV/SA (the &#8220;Buyer&#8221;). Under the terms of the Receivables Purchase Agreement, the Company will sell certain accounts receivable on a revolving basis to the Buyer. The Company will service and administer the subject accounts receivable for the Buyer.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company will be paid a discounted purchase price for each account receivable sold under the Receivables Purchase Agreement. The annualized discount rate used to determine the purchase price for the subject accounts receivable is based upon LIBOR plus a margin of 1.85%. The maximum outstanding balance of accounts receivable under the Receivables Purchase Agreement can be $20 million.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company is not required to offer any accounts receivable and the Buyer is not committed to purchase any accounts receivable offered by the Company. The Company or the Buyer may terminate the Receivables Purchase Agreement at any time upon 30 days&#8217; prior written notice.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On December 11, 2019, the Company entered into a Sixth Amendment to Credit Agreement (the &#8220;Sixth Amendment&#8221;), which amended the Credit Agreement dated as of April 29, 2015 among the Company, Startek Health Services, Inc., Startek USA, Inc., Collection Center, Inc. and BMO Harris Bank, N.A., as administrative agent and lender, as previously amended (the &#8220;Credit Agreement&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In light of the Receivables Purchase Agreement and other considerations, the Sixth Amendment decreased the size of the credit facility under the Credit Agreement from $50 million to $40 million and permits sales of certain accounts receivable.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:22pt;">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.</p>

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			<p style="font-size: 10pt; margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif;">&#xa0;</p>
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			<td colspan="2" style="vertical-align: bottom; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">STARTEK, INC.</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: December&#xa0;13, 2019</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Lance Rosenzweig</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Lance Rosenzweig</p>
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srt20191213_8k.htm
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):
December
11
, 2019
StarTek, Inc.
(Exact name of registrant as specified in charter)
Delaware
1-12793
84-1370538
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Carrara Place
4th Floor Suite 485
6200 South Syracuse Way
Greenwood Village
,
Colorado
80111
(Address of Principal Executive Offices) (Zip Code)
(
303
)
262-4500
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, 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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
, $0.01 par value
SRT
New York Stock Exchange
, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01
Entry into a Material Definitive Agreement
On December 11, 2019, Startek, Inc. (the "Company") entered into a Receivables Purchase Agreement (the "Receivables Purchase Agreement") between the Company and ING Belgium NV/SA (the "Buyer"). Under the terms of the Receivables Purchase Agreement, the Company will sell certain accounts receivable on a revolving basis to the Buyer. The Company will service and administer the subject accounts receivable for the Buyer.
The Company will be paid a discounted purchase price for each account receivable sold under the Receivables Purchase Agreement. The annualized discount rate used to determine the purchase price for the subject accounts receivable is based upon LIBOR plus a margin of 1.85%. The maximum outstanding balance of accounts receivable under the Receivables Purchase Agreement can be $20 million.
The Company is not required to offer any accounts receivable and the Buyer is not committed to purchase any accounts receivable offered by the Company. The Company or the Buyer may terminate the Receivables Purchase Agreement at any time upon 30 days' prior written notice.
On December 11, 2019, the Company entered into a Sixth Amendment to Credit Agreement (the "Sixth Amendment"), which amended the Credit Agreement dated as of April 29, 2015 among the Company, Startek Health Services, Inc., Startek USA, Inc., Collection Center, Inc. and BMO Harris Bank, N.A., as administrative agent and lender, as previously amended (the "Credit Agreement").
In light of the Receivables Purchase Agreement and other considerations, the Sixth Amendment decreased the size of the credit facility under the Credit Agreement from $50 million to $40 million and permits sales of certain accounts receivable.
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.
STARTEK, INC.
Date: December 13, 2019
By:
/s/ Lance Rosenzweig
Lance Rosenzweig
President and Chief Executive Officer