- Current report filing (8-K)
March 24 2009 - 8:46AM
Edgar (US Regulatory)
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): March 23, 2009
Dayton Superior Corporation
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
1-11781
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31-0676346
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
|
(IRS
Employer
Identification
Number)
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7777
Washington Village Drive, Dayton, Ohio
|
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45459
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(Address
of Principal Executive Offices)
|
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(Zip
Code)
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(937) 428-6360
Registrant's telephone number, including
area code
Not applicable
(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
(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))
Item 1.01 Entry into a Material Definitive Agreement.
On March 23, 2009, Dayton Superior Corporation (the “
Company
”)
entered into (i) Amendment No. 2 to the Revolving Credit Agreement (the “
Revolving
Credit Amendment
”) with the Lenders signatory thereto and
General Electric Capital Corporation, as Administrative Agent (the “
Revolving
Credit Agent
”), in connection with the Revolving Credit
Agreement, dated as of March 3, 2008 (the “
Revolving Credit
Agreement
”), and (ii) Amendment No. 3 to the Term Loan Credit
Agreement (the “
Term Loan Amendment
” and,
collectively with the Revolving Credit Amendment, the “
Amendments
”)
with the Lenders signatory thereto and General Electric Capital
Corporation, as Administrative Agent (the “
Term Loan Agent
”
and, collectively with the with the Revolving Credit Agent, the “
Agent
”),
in connection with the Term Loan Credit Agreement, dated as of March 3,
2008 (the “
Term Loan Credit Agreement
” and,
collectively with the Revolving Credit Agreement, the “
Credit
Agreements
”). Pursuant to the Amendments, the scheduled
maturities under the Credit Agreements have been extended until April 9,
2009.
In addition to the previously announced interest rate increases under
the earlier amendments to the Credit Agreements, pursuant to the
Amendments, the Company will pay certain fees and expenses to the
Lenders, the minimum Adjusted Base Rate under the Credit Agreements (as
defined therein, “
ABR
”) will be increased to 4.25%
and, under the Revolving Credit Agreement, the interest rate on
Additional Special Overadvances (as defined in the Amendments) will be,
at the Company’s option, ABR plus 11.00% or LIBOR plus 10.00% (with up
to 5.00% of the total interest rate payable-in-kind at the Company’s
option). The company has further agreed (i) to make interest rate
payments on a monthly basis, rather than quarterly; (ii) to amend the
reporting covenants under the Credit Agreements to provide for more
frequent disclosures to the Agent and the Lenders; (iii) that it will
not extend its previously announced private exchange offer and
concurrent consent solicitation with respect to its 13% Senior
Subordinated Notes due 2009 (the “Notes”) or accept for payment any
Notes surrendered in connection therewith; and (iv) to provide to the
Agent, on or prior to April 9, 2009, a letter of intent or definitive
term sheet for the acquisition of the company by a person acceptable to
the Lenders on terms and conditions satisfactory to the Lenders.
The foregoing description does not purport to be complete and is
qualified in its entirety by reference to the text of the Amendments,
which are attached hereto as Exhibits 10.1 and 10.2 to this report and
are incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth under Item 1.01 above is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following are furnished as exhibits to this Form 8-K
pursuant to Item 601 of Regulation S-K:
10.1
|
Amendment No. 2 to the Revolving Credit Agreement, dated as of March
23, 2009, by and among Dayton Superior Corporation, the Lenders
signatory thereto and General Electric Capital Corporation, as
Administrative Agent and Collateral Agent
|
10.2
|
Amendment No. 3 to the Term Loan Credit Agreement, dated as of March
23, 2009, by and among Dayton Superior Corporation, the Lenders
party thereto and General Electric Capital Corporation, as
Administrative Agent and Collateral Agent.
|
99.1
|
Press Release dated March 23, 2009.
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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.
Dated:
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March
23, 2009
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|
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DAYTON
SUPERIOR CORPORATION
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By:
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/s/
Edward J. Puisis
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Name:
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Edward
J. Puisis
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Title:
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Executive
Vice President and
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|
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Chief
Financial Officer
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EXHIBIT INDEX
Exhibit Number
|
|
Description
|
10.1
|
|
Amendment No. 2 to the Revolving Credit Agreement, dated as of March
23, 2009, by and among Dayton Superior Corporation, the Lenders
signatory thereto and General Electric Capital Corporation, as
Administrative Agent and Collateral Agent
|
10.2
|
|
Amendment No. 3 to the Term Loan Credit Agreement, dated as of March
23, 2009, by and among Dayton Superior Corporation, the Lenders
party thereto and General Electric Capital Corporation, as
Administrative Agent and Collateral Agent.
|
99.1
|
|
Press Release dated March 23, 2009.
|
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