-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VvA/Hvi4up3bhjwEabbJv0xWl1/IYeLc6pP4PAWqUyyOX8D3bylMRLO+PwvELK8C yIinJObBs6a7tUa1C/68Fg== 0000950135-08-006026.txt : 20080910 0000950135-08-006026.hdr.sgml : 20080910 20080910143216 ACCESSION NUMBER: 0000950135-08-006026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080908 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20080910 DATE AS OF CHANGE: 20080910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLMAN INC CENTRAL INDEX KEY: 0000812708 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820] IRS NUMBER: 041671740 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10033 FILM NUMBER: 081064892 BUSINESS ADDRESS: STREET 1: 595 SHREWSBURY AVENUE CITY: SHREWSBURY STATE: NJ ZIP: 07702 BUSINESS PHONE: (732)212-3300 MAIL ADDRESS: STREET 1: P.O. BOX 31331 CITY: CHARLOTTE STATE: NC ZIP: 28231 8-K 1 b72279wce8vk.htm FORM 8-K - WELLMAN, INC. e8vk
 
 
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)
September 8, 2008
Wellman, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   1-10033   04-1671740
(State or other jurisdiction   (Commission File Number)   (IRS Employer Identification
of incorporation)       No.)
     
1041 521 Corporate Center Drive    
Fort Mill, South Carolina   29707
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (803) 835-2000
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)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 1.01. –Entry into a Material Definitive Agreement.
     On September 8, 2008, Wellman, Inc. (the “Company”) and certain of its subsidiaries (collectively, the “Debtors”) entered into the eleventh amendment of its senior secured super-priority Debtor in possession credit agreement dated February 27, 2008 (the “Credit Agreement”) among the Company and certain of its domestic subsidiaries, as borrowers, Deutsche Bank Securities Inc., as sole lead arranger and bookrunner, Deutsche Bank Trust Company Americas, as administrative agent and collateral agent, and the lenders that from time to time become party thereto. Under the default provision in Section 9.1(i)(xv), sub clause (iv), of the Credit Agreement as amended, it would have been an event of default if the Company had not obtained approval of its disclosure statement by September 8, 2008. The letter agreement amended the Credit Agreement so that this deadline is now September 15, 2008.
     The Credit Agreement contains certain financial covenants and other covenants. One of these covenants is that we must maintain a Minimum EBITDA, which is measured based on the cumulative monthly EBITDA starting with the month of March 2008. EBITDA, as defined under the Credit Agreement, is calculated by adding Earnings (Loss) from continuing operations, income tax expense (benefit), interest expense, non-cash charges, and other cash expenses made or incurred in connection with entering into the Credit Agreement. We were not in compliance with the minimum cumulative EBITDA requirements for the months ending June 30, 2008 and July 31, 2008. The Administrative Agent, on behalf of the Majority Lenders, consented to waive compliance with the minimum EBITDA requirement set forth in Section 8.2(a) of the Credit Agreement for the period from September 8, 2008 through September 15, 2008.

 

 

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.
         
  Wellman, Inc.
 		  
September 10, 2008  /s/ Keith R. Phillips    
  Keith R. Phillips   
  Vice President, Chief Financial Officer   
 

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