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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 11, 1997
LEXINGTON PRECISION CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-3252 22-1830121
(COMMISSION FILE NO.) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
767 THIRD AVENUE, NEW YORK, NEW YORK 10017
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(212) 319-4657
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Item 5. Other Events.
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On March 11, 1997, Lexington Precision Corporation (the "Company")
issued the press release attached hereto as Exhibit 99-1, which is incorporated
herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
The following Exhibit is filed herewith:
Exhibit
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Number Exhibit
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99-1 Press Release of the Company dated
March 11, 1997
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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: March 11, 1997 By: /s/ Dennis J. Welhouse
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Dennis J. Welhouse
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT LOCATION
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99-1 Press Release of the Company dated March 11, 1997 Page 5
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Exhibit 99-1
LEXINGTON PRECISION CORPORATION
767 Third Avenue
New York, New York 10017
FOR IMMEDIATE RELEASE
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LEXINGTON PRECISION AMENDS CREDIT FACILITY
NEW YORK, March 11, 1997 -- Lexington Precision Corporation announced that,
effective today, it had amended its credit facility with Congress Financial
Corporation to increase the aggregate facility from $40,000,000 to $50,000,000
and to reduce the interest rates payable under the facility from prime plus 1%
or LIBOR plus 3.25% to prime plus 0.25% or LIBOR plus 2.75%. The credit facility
consists of term loans, a revolving line of credit and an equipment line of
credit. Loans and letters of credit outstanding under the credit facility
currently total $36,627,000.
Today's amendment of the credit facility extended the maturity date of the
revolving line of credit from January 2, 1998, to April 1, 2000. Proceeds from
new term loans, in the aggregate amount of $25,289,000, refinanced $4,840,000 of
borrowings under the revolving line of credit, $15,921,000 of term loans
outstanding with Congress Financial and $4,528,000 of term loans outstanding
with other lenders. The new term loans are payable in equal monthly installments
through March 1, 2004, although the maturity date of the term loans can be
accelerated by Congress Financial if the Company's revolving line of credit is
not renewed by April 1, 2000.
The amended equipment line of credit provides for up to $3,500,000 of additional
term loans for future purchases of equipment. Advances under the revolving line
of credit and the equipment line of credit are subject to availability formulas
set by Congress Financial.
Lexington Precision Corporation manufactures high-quality rubber and metal
component parts.
Contact: Warren Delano
(212) 319-4657
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