Attached files
| file | filename |
|---|---|
| EX-10.3 - WSI INDUSTRIES, INC. | ex10-3.htm |
| EX-10.2 - WSI INDUSTRIES, INC. | ex10-2.htm |
| EX-10.1 - WSI INDUSTRIES, INC. | ex10-1.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): August 26, 2016
WSI Industries, Inc.
(Exact name of Registrant as Specified in its Charter)
Minnesota
(State Or Other Jurisdiction Of Incorporation)
| 000-00619 | 41-0691607 | |
| (Commission File Number) | (I.R.S. Employer Identification No.) |
213 Chelsea Road Monticello, MN |
55362 | |
| (Address Of Principal Executive Offices) | (Zip Code) |
(763) 295-9202
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. 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)) |
Items under Sections 3 through 8 are not applicable and therefore omitted.
| Item 1.01 | Entry into a Material Definitive Agreement. |
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On August 26, 2016, WSI Industries, Inc. (the “Company”) amended certain of its loan agreements with its bank. The amendments to the agreements modified certain covenants. The interest rate contained in the loan agreements is at a fluctuating annual interest rate equal to the LIBOR Rate, plus Two Hundred (200) basis points per year. The agreements include covenants requiring a minimum liquidity and a minimum quarterly year-to-date earnings before interest, taxes and depreciation (EBITDA) as well as a requirement of a cash collateral account.
The summary of these agreements does not purport to be complete and is subject to and qualified in its entirety by reference to such documents, which are included as Exhibits 10.1 through 10.3 of Item 9.01 to this Form 8-K and are incorporated by reference into these Items 1.01 and 2.03.
| Item 9.01 | Financial Statements And Exhibits. |
| Exhibit No. | Description | |
| 10.1 | Seventh Amendment to Revolving Loan Agreement dated August 26, 2016 between WSI Industries, Inc. and BMO Harris Bank N.A. | |
| 10.2 | Fourth Amendment to Term Loan Agreement dated August 26, 2016 between WSI Industries, Inc. and BMO Harris Bank, N.A. | |
| 10.3 | Acknowledgement of Guarantors dated August 26, 2016 between WSI Rochester, Inc., WSI Industries, Co. and BMO Harris Bank N.A. |
SIGNATURE
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.
| WSI INDUSTRIES, INC. | ||
| By: | /s/ Benjamin T. Rashleger | |
| Benjamin T. Rashleger | ||
| Chief Executive Officer | ||
Date: September 1, 2016