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ABMC > SEC Filings for ABMC > Form 8-K on 15-Mar-2013All Recent SEC Filings

Show all filings for AMERICAN BIO MEDICA CORP | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

On March 12, 2013, American Bio Medica Corporation (the "Company") entered into a Second Mortgage Consolidation Loan Amendment ("Second Mortgage Consolidation Loan Amendment") with First Niagara Bank ("FNB") related to the Company's Mortgage Consolidation Loan with FNB dated February 23, 2011 ("Mortgage"). The Mortgage terminated on March 1, 2014.

Under the Second Mortgage Consolidation Loan Amendment, the Company's Mortgage was recast into a 4-year fully amortizing note with a one-year term through March 1, 2014. The interest rate was increased from 8.25% to 9.25%, and the monthly payment was reduced to $14,115 from $14,437. The Company was required to make a principal reduction payment of $25,000 at the time of closing. All other terms of the Mortgage Consolidation Loan remained unchanged.

The Mortgage continues to be secured by the Company's facility in Kinderhook, New York as well as various pieces of machinery and equipment. The Company has to comply with a covenant to maintain Liquidity of at least $50,000 (Liquidity is defined as any combination of cash, marketable securities or borrowing availability under one or more credit facilities other than the Mortgage). The Company is in compliance with this requirement as of the date of this report. As of the date of this report, the balance on the Mortgage is $553,000.

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