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): September 6, 2013
VIDEO DISPLAY CORPORATION
(Exact name of registrant as specified in its charter)
| Georgia | 0-13394 | 58-1217564 | ||
| (State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
| 1868 Tucker Industrial Road Tucker, Georgia |
30084 | |||
| (Address of principal executive offices) | (Zip code) | |||
Registrant’s telephone number, including area code: (770) 938-2080
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:
| ¨ | 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 September 6, 2013, the Company was a party to an Assignment and Assumption Agreement between PNC Bank and Community and Southern Bank whereby PNC Bank assigned all of its interest in the Credit Agreement dated December 23, 2010 to Community and Southern Bank.
The Company also signed an amendment to the Company’s Credit Agreement with Community and Southern Bank whereby all debt has been paid off except a term loan of $1,350,000.00. Community and Southern Bank agreed to an interest rate adjustment (adjusted Libor plus four percentage points), suspension of regular principle payments, a change in the term loan maturity date, and the suspension of financial covenants.
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.
| Date: September 11, 2013 | VIDEO DISPLAY CORPORATION | |||||
| By: | /s/ Ronald D. Ordway | |||||
| Ronald D. Ordway | ||||||
| Chief Executive Officer | ||||||