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VIDE > SEC Filings for VIDE > Form 8-K on 11-Sep-2013All Recent SEC Filings

Show all filings for VIDEO DISPLAY CORP



Other Events

Item 8.01 Other Events

On September 6, 2013, the Company was a party to an Assignment and Assumption Agreement between PNC Bank and Community and Southern Bank whereby PNC Bank assigned all of its interest in the Credit Agreement dated December 23, 2010 to Community and Southern Bank.

The Company also signed an amendment to the Company's Credit Agreement with Community and Southern Bank whereby all debt has been paid off except a term loan of $1,350,000.00. Community and Southern Bank agreed to an interest rate adjustment (adjusted Libor plus four percentage points), suspension of regular principle payments, a change in the term loan maturity date, and the suspension of financial covenants.

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