SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 30, 2012 (November 28, 2012)
ICON Leasing Fund Eleven, LLC
(Exact Name of Registrant as Specified in Charter)
(Address of Principal Executive Offices)
(Registrant’s telephone number, including area code)
(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:
[ ] 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 8.01 Other Events.
On November 28, 2012, ICON Leasing Fund Eleven, LLC (“Fund Eleven”) participated in an $80,000,000 loan facility by making a senior secured term loan in the amount of $5,400,000 to SAExploration, Inc., SAExploration Seismic Services (US), LLC, and NES, LLC (collectively, the “Borrowers”). Interest on the loan accrues at a rate of 13.5% per year and is payable on a quarterly basis in arrears beginning on December 31, 2012, with a final payment of all outstanding principal and interest due on November 28, 2016.
The loan is secured by, among other things, (i) a first priority security interest on all the existing and hereafter acquired assets, including seismic testing equipment, of the Borrowers and their parent company, SAExploration Holdings, Inc. (the “Parent”), and (ii) a pledge of all of the equity interests in the Borrowers and the Parent. All of the Borrowers’ obligations under the loan are guaranteed by the Parent.
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.