Langer Inc - Current report filing (8-K)
19 April 2008 - 1:48AM
Edgar (US Regulatory)
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 Exchange Act of
1934
Date
of
Report (Date of earliest event reported):
April
16, 2008
Langer,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
1-12991
|
11-2239561
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
Number)
|
450
Commack Road, Deer Park, New York
|
11729-4510
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code:
631-667-1200
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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|
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive
Agreement.
|
Effective
April 16, 2008, the Company entered into Amendment No. 3 of its Loan and
Security Agreement with Wachovia Bank, National Association, originally dated
as
of May 11, 2007. The changes effected by the amendment include:
|
(i)
|
a
decrease of the maximum amount of the credit facility to $15 million
from
$20 million;
|
|
(ii)
|
an
increase in the interest rate from the prime rate to the prime plus
0.5
percentage point, or, for loans based on the LIBOR rate, from LIBOR
plus 2
percentage points to LIBOR plus 2.5 percentage
points;
|
|
(iii)
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an
increase in the unused line fee from 0.375% per year on the first
$10,000,000 of the unused line and 0.25% per year on the excess of
the
unused line over $10,000,000 to 0.375% on the entire unused
line.
|
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(iv)
|
an
increase in the amount of the Company’s outstanding stock that the Company
is permitted to repurchase from $2,000,000 to $6,000,000, and the
extension of the period during which the Company may carry out such
purchases to April 15, 2009;
|
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(v)
|
a
reduction in the sublimit on terms loans under the facility from
$5,000,000 to $3,000,000;
|
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(vi)
|
re
reduction in the sublimit on availability based on inventory from
$7,500,000 to $4,000,000; and
|
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(vii)
|
a
reduction in the amount of availability against Company-owned real
estate
from 70% to 60%.
|
Item
9.01
|
Financial
Statements and Exhibits.
|
|
10.1
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Amendment
No. 3 dated as of April 16, 2008, to Loan and Security Agreement
dated as
of May 11, 2007, between Wachovia Bank, National Association, and
Langer,
Inc., Silipos, Inc., Regal Medical Supply, LLC, and Twincraft,
Inc.
|
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:
April 18, 2008
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Langer,
Inc.
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|
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|
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By:
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/s/
Kathleen P. Bloch
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|
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Kathleen
P. Bloch, Vice President and Chief Financial
Officer
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Exhibit
Index
10.1
|
Amendment
No. 3 dated as of April 16, 2008, to Loan and Security Agreement
dated as
of May 11, 2007, between Wachovia Bank, National Association, and
Langer,
Inc., Silipos, Inc., Regal Medical Supply, LLC, and Twincraft,
Inc.
|
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