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): June 19, 2000
BRADLEY PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-18881 22-2581418
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
383 Route 46 West, Fairfield, New Jersey 07004
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (973) 882-1505
Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposal of Assets
Not Applicable
Item 3. Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable
Item 5. Other Events
On June 19, 2000, LaSalle Business Credit, Inc. ("LaSalle") further amended
the Loan Agreement by reducing future funding through the use of the acquisition
note by $1 million, decreasing the revolving asset-based credit facility by $1.5
million, increasing the interest rate by 1/2% for the acquisition note,
increasing the interest rate by 1/2% for the revolving asset-based credit
facility, and reduced certain covenants to more favorable terms for future
quarters.
The amended Loan Agreement is now comprised of a $3.5 million revolving
asset-based credit facility and a $1.5 million acquisition note. Advances under
the revolving credit facility are calculated pursuant to a formula, which based
on the Company's then "eligible" accounts receivable and inventory levels. This
loan agreement has an initial term of three years, requires an annual fee, and
is subject to an unused credit line percentage fee. Interest now accrues on
amounts outstanding under this Loan Agreement at the rate equal to the prime
rate of interest, announced from time to time, by LaSalle National Bank plus
1 1/2% for the revolving credit facility and plus 2 1/2% for the amount
outstanding for the acquisition note. The Company's obligations under this
loan have been collateralized by granting to LaSalle a lien on substantially all
the assets of the Company. A copy of the amendment is attached as an exhibit to
this Form 8-K.
Item 6. Resignation of Registrant's Directors
Not Applicable
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired.
Not Applicable
(b) Pro forma financial information
Not Applicable
(c) Exhibits
10- Waiver and Amendment No. 3 to Loan and Security Agreement
dated June 19, 2000 between the Company and LaSalle Business
Credit, Inc.- page 4
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 hereunto duly authorized.
BRADLEY PHARMACEUTICALS, INC.
By: /s/ Daniel Glassman
__________________________
Daniel Glassman
Chairman, President and CEO
Dated: June 23, 2000
