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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): November 30, 2000
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Sight Resource Corporation
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-21068 04-3181524
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
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100 Jeffrey Avenue, Holliston, Massachusetts 01746
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 429-6916
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Sight Resource Corporation
Index
Item Page No.
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Item 5. Other Events 3
Item 7. Financial Statements and Exhibits 3
Signatures 4
Exhibit Index 5
2
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Item 5. Other Events.
On March 31, 2000, the Company entered into a modification agreement
(the "First Modification Agreement") with Fleet National Bank ("Fleet"), which
amended an existing loan agreement between the Company and Fleet, dated April
15, 1999 (the "Loan Agreement"). In August 2000, in connection with the merger
between Fleet and BankBoston, N.A., Sovereign Bank of New England ("Sovereign")
acquired the Loan Agreement and became the successor party to Fleet in it and
the First Modification Agreement. As of September 30, 2000, the Company had
$6.05 million outstanding under its term loan and $2.5 million outstanding under
its revolving line of credit. At that time, the Company was in default for non-
compliance with certain negative covenants contained in the First Modification
Agreement relating to (i) minimum debt service coverage, (ii) maximum funded
debt coverage and (iii) minimum net profit. On November 9, 2000, Sovereign
issued a written waiver to the Company for the default resulting from
noncompliance with the covenants. On November 30, 2000, the Company and
Sovereign entered into a Second Modification Agreement (the "Second Modification
Agreement"), which, among other things, deferred until March 2001 the Company's
next two repayments scheduled to be made on or before January 1, 2001, and
restricted the Company's ability to make payments on its outstanding debt. The
Company intends to consider and pursue alternative lenders to refinance its
credit arrangement with Sovereign on a long-term basis.
The Second Modification Agreement has been filed as Exhibit 99.1 to
this Form 8-K and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
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Exhibit No. Description
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99.1 Second Modification Agreement by and between Sight
Resource Corporation and Sovereign Bank of New
England, dated as of November 30, 2000.
3
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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.
SIGHT RESOURCE CORPORATION
Date: December 15, 2000 By: /s/ William T. Sullivan
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William T. Sullivan
President
4
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EXHIBIT INDEX
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Exhibit
Number Description
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99.1 Second Modification Agreement by and between Sight
Resource Corporation and Sovereign Bank of New
England, dated as of November 30, 2000.
5
