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| FOE > SEC Filings for FOE > Form 8-K on 31-May-2012 | All Recent SEC Filings |
31-May-2012
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On May 29, 2012, Ferro Corporation (the "Company") amended its $50.0 million trade receivables securitization facility by entering into the First Amendment to Amended and Restated Receivables Purchase Agreement (the "Amendment") among Ferro Finance Corporation ("FFC"), the Company, Market Street Funding LLC and PNC Bank, National Association, as Agent and LC Bank, with respect to the Amended and Restated Receivables Purchase Agreement, dated as of May 31, 2011.
Pursuant to the receivables securitization facility, Ferro Pfanstiehl Laboratories, Inc. ("FPL"), a wholly-owned subsidiary of the Company, sells to the Company, from time to time, trade receivables and certain related rights. The Company sells to FFC, from time to time, the Company's receivables and the receivables purchased from FPL. FFC finances its purchases of receivables from the Company by selling to Purchaser from time to time an undivided variable percentage interest in the receivables acquired by FFC. Prior to the Amendment, the receivables securitization facility was scheduled to expire on May 29, 2012.
The primary effects of the Amendment are to:
1. Extend the maturity of the trade receivables securitization facility until May 28, 2013; and
2. Amend the computation of certain reserve requirements.
The foregoing summary is qualified in its entirety by reference to the text of the Amendment, which is filed as Exhibit 10.1 and is incorporated herein by reference.
(d) Exhibits
Exhibit 10.1: First Amendment to Amended and Restated Receivables Purchase Agreement, dated as of May 29, 2012, among Ferro Finance Corporation, Ferro Corporation, Market Street Funding LLC and PNC Bank, National Association.
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