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LAWS > SEC Filings for LAWS > Form 8-K on 27-Sep-2013All Recent SEC Filings

Show all filings for LAWSON PRODUCTS INC/NEW/DE/ | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Creation of a Direct Fina

Item 1.01 Entry into a Material Definitive Agreement.

On September 25, 2013, Lawson Products, Inc. (the "Company") entered into a First Amendment to Loan and Security Agreement ("First Amendment") as borrower with The PrivateBank and Trust Company as lender, to modify certain terms of the Loan and Security Agreement dated as of August 8, 2012 ("Loan Agreement"). The First Amendment provides that the Company's consolidated EBITDA, as defined in the Loan Agreement, must not be less than $2.0 million for the quarter ended September 30, 2013 which represents a reduction from the previous minimum EBITDA requirement of $3.5 million taking into account, among other things, approximately $1.0 million of anticipated severance expense for the quarter ended September 30, 2013 related to various organizational restructurings.

A copy of the First Amendment is attached to, and is incorporated by reference into, this Current Report on Form 8-K as Exhibit 10.1. The foregoing description of the First Amendment is qualified in its entirety by reference to the full text of the First Amendment.

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

The information set forth above in Item 1.01 of this Current Report on Form 8-K with respect to the First Amendment is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits

10.1 First Amendment to Loan and Security Agreement dated September 25, 2013.

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