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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) June 19, 1995
SAZTEC INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
California 0-15353 33-0178457
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(State or other jurisdiction (Commission File (IRS Employer
incorporation) Number) Identification No.)
43 Manning Road, Billerica, Massachusetts 01821
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(Address of principal executive offices)
Registrant's telephone number, including area code (508) 262-9800
6700 Corporate Drive, Kansas City, Missouri 64120
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Saztec International, Inc.'s (the "Company") revolving credit facility was
scheduled to mature on June 15, 1995. By amendment dated June 16, 1995, the
lender extended the maturity of the revolving credit facility to July 14, 1995.
An amendment to the revolving credit facility dated March 22, 1995, set forth
various conditions to the loan, including the conditions that the Company
maintain a certain minimum consolidated net worth and a maximum ratio of
consolidated total indebtedness to consolidated net worth. Since March 31,
1995, the Company has not been in compliance with either of these financial
covenants, but the lender has continued to make advances to the Company under
the revolving credit facility. In the June 16, 1995, amendment, the lender
waived compliance with these financial covenants until July 14, 1995.
The lender has expressed some willingness to extend further the revolving
credit facility, but the lender is under no obligation to do so.
The liquidity of the Company is severely threatened by the scheduled
maturity of the revolving credit facility unless the Company is able to (i)
negotiate a meaningful extension of that facility, (ii) replace that facility
with a comparable or better credit facility, or (iii) obtain additional capital.
The Company is exploring, and will continue to explore, opportunities to
alleviate the liquidity pressures on the Company, including replacement of the
revolving credit facility and additional private placements of securities.
There can be no assurances that the Company will be successful in these or
related efforts. The failure of the Company to solve its short-term liquidity
pressures could directly affect the ability of the Company to operate as a going
concern.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(A) N/A
(B) N/A
(C) Material to be Filed as Exhibits:
Regulations S-K
Item 601 Description of Exhibit Page
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10.1 June 16, 1995, Amendment to
Revolving Credit Facility. 5
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SIGNATURES
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 hereunto duly authorized.
DATE: June 23, 1995
SAZTEC INTERNATIONAL, INC.
By: /s/ Donald J. Campbell
Name: Donald J. Campbell
Title: Vice President and Chief Financial Officer
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UMB BANK, N.A. EXHIBIT 10.1
P.O. BOX 419226
KANSAS CITY, MISSOURI 64141-6226
(816) 860-7000
June 16, 1995
Mr. Gary Abernathy, President
Saztec International, Inc.
6700 Corporate Drive
Kansas City, Missouri 64120
Dear Mr. Abernathy:
Please allow this letter to serve as a formal amendment to this bank's
commitment letter to Mr. Robert P. Dunne dated March 22, 1995. Item number one
is being modified to extend the maturity of the $750,000 Authority to Loan which
is made available to Saztec International, Inc. from the most recently amended
maturity date of June 15, 1995, to July 14, 1995. Also being amended is item
number six which calls for advances under the Authority to Loan to bear an
interest rate at 3% over UMB, n.a.'s prime rate of interest. The new interest
rate will be this bank's prime rate of interest plus 4% adjusted daily.
Additionally affected are items number 9 and 10. Respectively they call for a
consolidated net worth of $2,200,000 and a total consolidated indebtedness to
total consolidated net worth ratio not to exceed 2.5:1. Both item nine and ten
are being waived until the expiration of this commitment which is July 14, 1995.
All other terms and conditions contained in the commitment letter dated March 2,
1995 will remain in effect.
If you agree to the above terms and conditions, kindly acknowledge the same by
signing in the space provided for that purpose below and return the original of
this amendment to the undersigned not later than June 19, 1995.
Sincerely,
UMB BANK, n.a.
By: /s/ Ned C. Voth
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Ned C. Voth
Community Bank President
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Mr. Gary Abernathy
President
Saztec International, Inc.
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The undersigned hereby acknowledges and agrees to the above described amendment
to the commitment letter dated March 22, 1995, and agrees this amendment becomes
a part of the above described commitment letter and also agrees the bank makes
no commitment whatsoever beyond July 14, 1995.
SAZTEC INTERNATIONAL, INC.
and all Subsidiaries
By: /s/ Gary Abernathy
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Gary Abernathy
President
Dated 6-19-95
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