Item 5. Other Events.
LMI Aerospace, Inc. (the “Company”) and Union
Planters Bank, N.A., have entered into a Fourth Amendment to Loan Agreement,
effective as of October 30, 2000, amending
that certain Loan Agreement dated as of August 15, 1996 (the” Loan
Agreement”) between Leonard’s Metal, Inc., the predecessor in interest
to the Company, and Magna Bank, National Association, the predecessor in
interest to Union Planters, N.A. The Fourth Amendment to Loan Agreement amended
the Loan Agreement essentially to provide for (i) the reduction of the
Company’s available line of credit from a maximum of $15,000,000 to
$7,000,000, (ii) the granting to Union Planters, N.A. of a continuing security
interest in all of the Company’s accounts receivable and inventories, (iii)
the increase of the applicable interest rate payable for borrowings under the
line of credit to 2.25% over the LIBOR rate, and (iv) an increase in the amount
of net worth and EBITDA the Company is required to maintain in order to remain
in compliance with certain financial covenants contained in the Loan Agreement.
The Company does not currently have any outstanding borrowings under the line of
credit.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit Number Description
10.37
Fourth Amendment to Loan Agreement
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Date: December 26, 2000
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