SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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):
OCTOBER 26, 2000 (OCTOBER 24, 2000)
TANDYCRAFTS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-7258 75-1475224
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(STATE OR OTHER (COMMISSION FILE NUMBER) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NO.)
INCORPORATION)
1400 EVERMAN PARKWAY
FORT WORTH, TEXAS 76140
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
(817) 551-9600
ITEM 5. OTHER EVENTS.
On October 24, 2000, Tandycrafts, Inc. (the "Company") issued a press
release announcing that the Company has entered into an agreement with its
senior lenders concerning its revolving credit facility. Copies of the Amended
and Restated Revolving Credit Agreement and press release are filed herewith as
Exhibits 10.1 and 99.1 respectively.
The $40.5 million amended facility represents an increase of $2.4 million
over the previous facility. The amended agreement provides for the
modification of certain covenants, the establishment of an additional facility
of approximately $2.5 million, which will be reduced by $1.5 million on November
30, 2000, an increase in the interest rate paid by the Company, certain
additional reductions in the commitment amounts by no later than March 31, 2001,
and the expiration of the overall facility on March 31, 2001. If the commitment
amounts are not reduced by $6 million on November 30, 2000 and by $2 million on
December 31, 2000, the Company has agreed to issue to its senior lenders
warrants in an amount equal to 4% and 1%, respectively, of the number of issued
and outstanding shares of the Company's common stock. The Company also
announced that it is continuing discussions with other financing sources to
refinance its current revolving credit facility and to provide additional
capital.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
10.1 Amended and Restated Revolving Credit Agreement dated October 13,
2000.
99.1 Press Release dated October 24, 2000.
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.
Dated: October 26, 2000 TANDYCRAFTS, INC.
By: /s/ Michael J. Walsh
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Michael J. Walsh
Chairman and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
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10.1 Amended and Restated Revolving Credit Agreement dated
October 13, 2000.
99.1 Press Release dated October 24, 2000.
