SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of
Date of Report (Date of earliest event reported): November 16, 2012
American Locker Group Incorporated
(Exact Name of Registrant as Specified in its Charter)
|(State of Incorporation)
2701 Regent Boulevard, Suite 200, DFW Airport, Texas 75261
(Address of principal executive offices)
Registrants telephone number, including area code: (817) 329-1600
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 1.01 Entry Into Material Definitive Agreements.
On November 9, 2012, American Locker Group Incorporated (the Company) entered into Amendment No. 2 to Loan Agreement
(the Amendment), which amended its credit agreement (the Loan Agreement) with Bank of America Merrill Lynch (BAML), dated December 8, 2010. As previously disclosed, the Loan Agreement provides the Company
with a $1 million term loan (the Term Loan), a $2.5 million revolving line of credit (the Line of Credit) and a $500,000 draw note (the Draw Note).
The Loan Agreement was described in a form 8-K dated December 14, 2010.
Among other things, the Amendment extended the maturity date of the Line of Credit through October 31, 2013. The date through which
the Company can draw on the Draw Note was extended through October 31, 2013. The Company will now pay interest only on advances under the Draw Note through November 27, 2013, after which the Company will pay interest and principal monthly
so that the balance will be paid in full as of October 31, 2016.
The interest rate is a rate per year equal to the BBA
LIBOR Rate (Adjusted Periodically) plus 3.75 percentage points.
A copy of the Amendment is attached hereto as Exhibit 10.1 and is hereby
incorporated by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On November 14, 2012, American Locker Group Incorporated
(the Company) issued a press release, which is attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing that David Denton had been appointed Chief Operating Officer.
During 2011 and 2012, Mr. Denton was the Operations Manager for Imperial Group, a division of Accuride Corporation. From 2005 until
his joining Imperial Group, he was Chief Executive Officer of Global CNC Solutions, a precision machined component manufacturer supplying product to aerospace and defense customers.
Mr. Denton has a Bachelors Degree in Business Management and has more than 20 years of manufacturing experience. He served in
the United States Air Force as an Aircraft Machinist and Certified Aircraft Welder, during which he spent the majority of his time in Saudi Arabia in support of Operation Desert Storm.
Item 9.01. Financial Statements and Exhibits.
10.1 Amendment No.1 to Loan
Agreement, dated November 9, 2012, between American Locker Group Incorporated and Bank of America Merrill Lynch, is filed herewith.
||Press release, dated November 14, 2012 |
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.
|AMERICAN LOCKER GROUP INCORPORATED|
/s/ Paul M. Zaidins
||Paul M. Zaidins|
||President and Chief Executive Officer|
Date: November 16, 2012