---

---

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

---

FORM
8-K

CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

DECEMBER 31, 2007Date of report (Date of earliest event reported)

---

NEW ULM TELECOM, INC. (Exact name of registrant as specified in its charter)

|                             |              |                    
|---------------------------- | ------------ | -------------------
|Minnesota                    | 0-3024       | 41-0440990         
|(State or other jurisdiction | (Commission  | (IRS Employer      
|of incorporation)            | File Number) | Identification No.)

27
North Minnesota Street
New Ulm, Minnesota 56073(Address of principal executive offices, including zip
code)

(507) 354-4111
(Registrants telephone number, including area code)

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):

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.

In connection with its
acquisition of Hutchinson Telephone Company (HTC) described in Item 2.01 of
this Form 8-K, New Ulm Telecom, Inc. (New Ulm) and HTC as New Ulms new
subsidiary entered into a credit facility with CoBank, ACB. Under the credit
facility, each of New Ulm and HTC entered into a separate Master Loan Agreement
(MLA) and a series of supplements to the respective MLAs.

Promissory Notes.

Under the terms of the two MLAs and
supplements, New Ulm and HTC have borrowed approximately $59.7 million and
entered into promissory notes on the following terms:

|                             |                              |                                                                                                       
|---------------------------- | ---------------------------- | ------------------------------------------------------------------------------------------------------
|New Ulm                     
|                            
|1.                           | $15,000,000
 term note, with
|                             |                             
|                             | a.                           | Interest
 payable monthly;                                                                            
|                             |                              |                                                                                                       
|                             | b.                           | 12 quarterly
 principal payments of $125,000 commencing March 31, 2008 through December 31,
 2010;    
|                             |                              |                                                                                                       
|                             | c.                           | 16 quarterly
 principal payments of $250,000 commencing March 31, 2011 through December 31,
 2014; and
|                             |                              |                                                                                                       
|                             | d.                           | Final
 maturity on December 31, 2014.                                                                 
|                             |                              |                                                                                                       
|2.                           | $10,000,000
 revolver, with 
|                             |                              |                                                                                                       
|                             | a.                           | Interest due
 monthly; and                                                                            
|                             |                              |                                                                                                       
|                             | b.                           | Final
 maturity on December 31, 2014.                                                                 
|                            
|Hutchinson Telephone Company
|                            
|1.                           | $29,700,000
 term note, with
|                             |                              |                                                                                                       
|                             | a.                           | Interest
 payable monthly;                                                                            
|                             |                              |                                                                                                       
|                             | b.                           | 16 quarterly
 principal payments of $609,500 commencing March 31, 2010 through December 31,
 2014; and
|                             |                              |                                                                                                       
|                             | c.                           | Final
 maturity on December 31, 2014.                                                                 
|                             |                              |                                                                                                       
|2.                           | $2,000,000
 revolver, with  
|                             |                              |                                                                                                       
|                             | a.                           | Interest due
 monthly; and                                                                            
|                             |                              |                                                                                                       
|                             | b.                           | Final
 Maturity on December 31, 2014.                                                                 
|                             |                              |                                                                                                       
|3.                           | $3,000,000
 term note, with 
|                             |                              |                                                                                                       
|                             | a.                           | Interest due
 monthly; and                                                                            
|                             |                              |                                                                                                       
|                             | b.                           | Final
 Maturity on April 3, 2008.                                                                     

Other Agreements.

New Ulm and
HTC and their respective subsidiaries also have entered into security
agreements under which substantially all the assets of New Ulm, HTC and their
respective subsidiaries have been pledged to CoBank for performance under the
loans. In addition, New Ulm, HTC and their respective subsidiaries have
guaranteed all the obligations under the credit facility.

---

Bank Restrictions on
Cash Dividends.

The loan
agreements also put restrictions on the ability of New Ulm to pay cash
dividends to its shareholders,
but New Ulm is allowed to pay dividends (a) (i) in an amount up to $2,050,000
in any year and (ii) in any amount if New Ulms Total Leverage Ratio, that is,
the ratio of its Indebtedness to EBITDA (in each case as defined in the loan
documents) is equal to or less than 3.5 to 1:00, and (b) in either case if New Ulm is not in
default or potential default under the loan agreements.

Amendment of Merger
Agreement.

The Merger was
originally expected to close on or before December 31, 2007, but on December
31, 2007, New Ulm and HTC entered in an Amendment to the Agreement and Plan of
Merger setting the closing for January 2008 and agreeing to closing adjustments
to facilitate the transition.

ITEM 2.01   Completion of Acquisition
or Disposition of Assets.

On January 4, 2008, New Ulm
completed the acquisition of HTC for approximately $78 million pursuant to the
terms of the Agreement and Plan of Merger dated as of August 3, 2007, as
amended. The transaction was structured as a reverse triangular merger under
which a newly formed subsidiary of New Ulm merged into HTC at closing, with HTC
continuing as a subsidiary of New Ulm. The acquisition has resulted in a
combined company that provides phone, video and internet services with over 50,000
connections in a number of Minnesota and Iowa communities.

Under the Merger Agreement,
approximately $72 million of the $78 million will be distributed to former
shareholders of HTC immediately. An additional $5.7 million was placed in an
escrow account covering (i) indemnification of New Ulm in the amount of
$5.2 million covering the representations and warranties of HTC for a period
of 15 months from closing and (ii) a True-Up Reserve Amount and Shareholder Fund
Amount in the aggregate amount of $500,000.

---

ITEM 9.01   Financial
Statements and Exhibits.

|    |                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------
|(a) | Financial
 Statements of Businesses Acquired                                                                             
|    |                                                                                                                          
|    | Audited
 financial statements of Hutchinson Telephone Company will be filed within 75
 days of the closing of the Merger.
|    |                                                                                                                          
|(b) | Pro Forma
 Financial Information                                                                                         
|    |                                                                                                                          
|    | Pro
 forma financial statements will be filed within 75 days of the closing of the
 Merger.                              
|    |                                                                                                                          
|(d) | Exhibits                                                                                                                 

|                |                                                                                                                                                          
|--------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
 Number | Description                                                                                                                                              
|                |                                                                                                                                                          
|10.1            | Amendment
 dated December 31, 2007 to Agreement and Plan of Merger between New Ulm
 Telecom, Inc and Hutchinson Telephone Company.                       
|                |                                                                                                                                                          
|10.2            | Master Loan
 Agreement RX0583, dated as of January 4, 2008 between CoBank, ACB and New Ulm
 Telecom, Inc.                                                
|                |                                                                                                                                                          
|10.3            | First
 Supplement dated January 4, 2008 to the Master Loan Agreement between CoBank,
 ACB and New Ulm Telecom, Inc.                                      
|                |                                                                                                                                                          
|10.4            | New Ulm
 Telecom, Inc. $15,000,000 Term Promissory Note.                                                                                                 
|                |                                                                                                                                                          
|10.5            | Second
 Supplement dated January 4, 2008, to the Master Loan Agreement between
 CoBank, ACB and New Ulm Telecom, Inc.                                    
|                |                                                                                                                                                          
|10.6            | New Ulm
 Telecom, Inc. $10,000,000 Revolving Promissory Note.                                                                                            
|                |                                                                                                                                                          
|10.7            | Master Loan
 Agreement RX0584, dated January 4, 2008 between CoBank, ACB and Hutchinson
 Telephone Company (as successor to Hutchinson Acquisition Corp).
|                |                                                                                                                                                          
|10.8            | First
 Supplement dated January 4, 2008 to the Master Loan Agreement between CoBank,
 ACB and Hutchinson Telephone Company.                              
|                |                                                                                                                                                          
|10.9            | Hutchinson
 Telephone Company $29,700,000 Promissory Note.                                                                                               
|                |                                                                                                                                                          
|10.10           | Second
 Supplement dated January 4, 2008 to the Master Loan Agreement between CoBank,
 ACB and Hutchinson Telephone Company.                             
|                |                                                                                                                                                          
|10.11           | Hutchinson
 Telephone Company $2,000,000 Revolving Promissory Note                                                                                       
|                |                                                                                                                                                          
|10.12           | Third
 Supplement dated January 4, 2008 to the Master Loan Agreement between CoBank,
 ACB and Hutchinson Telephone Company.                              
|                |                                                                                                                                                          
|10.13           | Hutchinson
 Telephone Company $3,000,000 Term Promissory Note.                                                                                           
|                |                                                                                                                                                          
|10.14           | Form of
 Security Agreement.                                                                                                                             
|                |                                                                                                                                                          
|10.15           | Form of
 Guarantee.                                                                                                                                      
|                |                                                                                                                                                          
|99.1            | Press
 Release dated January 2, 2008 announcing anticipated closing date of
 acquisition of Hutchinson Telephone Company by New Ulm Telecom, Inc.        
|                |                                                                                                                                                          
|99.2            | Press
 Release dated January 4, 2008 announcing closing date of acquisition of
 Hutchinson Telephone Company by New Ulm Telecom, Inc.                    

---

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.

|                      |                       |                                      
|--------------------- | --------------------- | -------------------------------------
|                      | New Ulm Telecom, Inc.
|                      |                       |                                      
|Date: January 7, 2008 | By:                   | /s/ Bill Otis                        
|                      |                       |                                      
|                      |                       | Bill Otis                            
|                      |                       | President and Chief Executive Officer

---