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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 31, 1995
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Lexington Precision Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-3252 22-1830121
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
767 Third Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 319-4657
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On January 31, 1995, Lexington Precision Corporation (the
"Company") issued the press release attached hereto as Exhibit 28-1, which is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
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and Exhibits.
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(c) Exhibits.
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The following Exhibit is filed herewith:
Exhibit
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Number Exhibit
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<S> <C>
28-1 Press Release of the Company dated January 31, 1995
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SIGNATURE
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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.
LEXINGTON PRECISION CORPORATION
DATED: January 31, 1995 By: /s/ Warren Delano
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Warren Delano
President
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EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT LOCATION
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<S> <C> <C>
28-1 Press Release of the Company
dated January 31, 1995 Page 5
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Exhibit 28-1
LEXINGTON PRECISION CORPORATION
767 Third Avenue
New York, NY 10017-2023
FOR IMMEDIATE RELEASE
LEXINGTON PRECISION CORPORATION ANNOUNCES
AGREEMENT ON $40 MILLION CREDIT FACILITY
NEW YORK, January 31, 1995 -- Lexington Precision Corporation
(LEXP -- OTC) announced today that it has entered into an amendment to its
credit facility with Congress Financial Corporation to increase the maximum
borrowing permitted under the facility to $40,000,000, subject to availability
formulas set by Congress.
Pursuant to the amendment, $5,767,000 of borrowings outstanding
under the Company's revolving line of credit and $7,873,000 of term loans have
been refinanced with new term loans totaling $13,640,000. The credit facility
provides for additional term loans of up to $11,300,000, subject to
availability formulas set by Congress, for future purchases of equipment. All
of the term loans will be payable in equal monthly installments through
February 1, 2002. The maturity date of the term loans can be accelerated by
Congress in the event the Company's revolving line of credit is not renewed on
January 2, 1998 or any anniversary thereof.
As of January 31, 1995, the Company has outstanding borrowings of
$20,346,000 under the credit facility and has $4,903,000 of unused availability
after making the semi-annual interest payment due tomorrow on its 12-3/4%
Senior Subordinated Notes.
As a result of the amendments, the rate of interest on borrowings
has been reduced to prime plus 1%, or LIBOR plus 3-1/4%. Prior to the
amendment, borrowings were at a rate of prime plus 1-1/2%.
Lexington Precision Corporation manufactures precision metal and
rubber components which are used by some of America's leading manufacturers of
automobiles, office equipment, computers, medical devices and industrial
equipment.
Contact: Warren Delano
(212) 319-4650
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