-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, D1Be4L4PB3rVL4+lq93ccCKZpVlzk7Nw7n0Yd6nIbkFGxPySbTRYdQBpXs6UFwjN xX+Jy8dsMkGkNYwYADOb9g== 0000912057-95-004860.txt : 19950627 0000912057-95-004860.hdr.sgml : 19950627 ACCESSION NUMBER: 0000912057-95-004860 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950619 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950626 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAZTEC INTERNATIONAL INC CENTRAL INDEX KEY: 0000801354 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 330178457 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15353 FILM NUMBER: 95549304 BUSINESS ADDRESS: STREET 1: 6700 CORPORATE DR CITY: KANSAS CITY STATE: MO ZIP: 64120 BUSINESS PHONE: 8164836900 MAIL ADDRESS: STREET 1: 6700 CORPORATE DRIVE CITY: KANSAS CITY STATE: MO ZIP: 64120 8-K 1 FORM 8-K 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. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 0-15353 33-0178457 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission File (IRS Employer incorporation) Number) Identification No.) 43 Manning Road, Billerica, Massachusetts 01821 - ------------------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (508) 262-9800 6700 Corporate Drive, Kansas City, Missouri 64120 - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 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. 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 -------- ---------------------- ---- 10.1 June 16, 1995, Amendment to Revolving Credit Facility. 5 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 EX-10.1 2 EXHIBIT 10.1 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 ------------------------------------- Ned C. Voth Community Bank President Mr. Gary Abernathy President Saztec International, Inc. Page 2 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 ------------------------------------ Gary Abernathy President Dated 6-19-95 -------------------------- -----END PRIVACY-ENHANCED MESSAGE-----