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IDSA > SEC Filings for IDSA > Form 8-K on 20-Nov-2012All Recent SEC Filings

Show all filings for INDUSTRIAL SERVICES OF AMERICA INC /FL | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INDUSTRIAL SERVICES OF AMERICA INC /FL


20-Nov-2012

Entry into a Material Definitive Agreement, Creation of a


Item 1.01 Entry into a Material Definitive Agreement.

On November 14, 2012, Industrial Services of America, Inc. and its subsidiary (the "Companies") entered into a Fifth Amendment to Credit Agreement (the "Fifth Amendment") with Fifth Third Bank (the "Bank") which amended the July 30, 2010 Credit Agreement (the "Credit Agreement"), including the First Amendment to Credit Agreement dated as of April 14, 2011, the Second Amendment to Credit Agreement dated as of November 16, 2011, the Third Amendment to Credit Agreement dated as of March 2, 2012, and the Fourth Amendment to Credit Agreement dated as of August 13, 2012 (collectively, the "Previous Amendments") as follows. The Fifth Amendment decreased our maximum revolving commitment by $5.0 million to $25.0 million and provided a waiver of the Senior Leverage Ratio and Fixed Charge Coverage Ratio covenant defaults for the quarter ended September 30, 2012. In addition, the Companies also agreed to perform other customary commitments and pay a fee of $25.0 thousand to the Bank. All other terms of the Credit Agreement and Previous Amendments remain in effect.

A copy of the Fifth Amendment to Credit Agreement and the Amended and Restated Revolving Loan Note are attached as Exhibits 99.1 and 99.2 to this report, each of which are incorporated herein by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of
Registrant.

The information set forth in Item 1.01 is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Fifth Amendment to Credit Agreement, dated November 14, 2012, by and among Industrial Services of America, Inc., ISA Indiana, Inc. and Fifth Third Bank
99.2 Amended and Restated Revolving Loan Note, dated November 14, 2012 by Industrial Services of America, Inc. and ISA Indiana, Inc. in favor of Fifth Third Bank

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