-----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, WLps3af7YnTO1toxg7JgjFyRsXIV0l7A6mjiJqRM3vYwNsb+XwbtEmQ4POu3IvN9 gnnBbYj1W2QOkdISB39ZaQ== 0000899078-05-000046.txt : 20050126 0000899078-05-000046.hdr.sgml : 20050126 20050126145847 ACCESSION NUMBER: 0000899078-05-000046 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050125 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050126 DATE AS OF CHANGE: 20050126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOR MINERALS INTERNATIONAL INC CENTRAL INDEX KEY: 0000842295 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 742081929 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-17321 FILM NUMBER: 05549831 BUSINESS ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 BUSINESS PHONE: 3618825175 MAIL ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 FORMER COMPANY: FORMER CONFORMED NAME: HITOX CORPORATION OF AMERICA DATE OF NAME CHANGE: 19920703 8-K/A 1 jan2005-form8ka.txt JANUARY 2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): January 25, 2005 TOR Minerals International, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation) 0-17321 74-2081929 (Commission File Number) (IRS Employer Identification No.) 722 Burleson Street Corpus Christi, Texas 78402 (Address of Principal Executive Offices) (Zip Code) (361) 883-5591 (Registrant's Telephone Number, Including Area Code) N/A (Former Name or Former Address, if Changed Since Last Report) 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 (see General Instruction A.2. below): ___ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ___ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ___ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ___ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) EXPLANATORY NOTE This 8-K/A is filed solely to amend in its entirety Item 1.01 of TOR Minerals International, Inc.'s (the "Company") Form 8-K filed on December 22, 2004. The Company has identified the counterparty to the purchase order described below, which was omitted from the original filing in accordance with a Confidentiality Request that has been withdrawn. ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. On December 20, 2004, we agreed to accept a purchase order from Engelhard Corporation to supply them with 100% of their Aluprem requirements for 2005. The value of this purchase order is estimated to be up to $10,500,000. In addition to this purchase order, we supplied Engelhard Corporation with their Aluprem requirements for 2004 resulting in sales of approximately $4,800,000. Either party may cancel the agreement in the event the other has failed to perform or observe the terms and conditions of the purchase order by giving ten days prior written notice. We have also agreed to indemnify Engelhard Corporation for claims, damages or expenses caused by our breach of the purchase order or our negligent, reckless or intentional acts or omissions. On December 21, 2004, we entered into a loan agreement with Bank of America, N.A. (the "Bank"), which amended and restated our previous loan agreement with the Bank dated August 23, 2002, as amended. Under the loan agreement, the Bank has agreed to continue to provide us with a $5,000,000 revolving line of credit subject to a defined borrowing base limited to the lesser of $5,000,000 or 80% of eligible accounts receivable and 50% of eligible inventory up to a maximum of $2,850,000. The revolving loan is due on October 1, 2006. The Bank has also agreed to issue standby letters of credit for our account up to the amount available under the revolving line of credit. Our prior term loan with the Bank in the amount of $782,500 was restated under the loan agreement to the unpaid balance of $581,858.93. The term loan bears interest at 5.2% and matures on May 1, 2007. We are required to make monthly principal payments in the amount of $20,064.10. Both the revolving and the term loan are secured by our property, plant and equipment as well as inventory and accounts receivable. The loan agreement contains covenants that, among other things, require maintenance of financial ratios based on our consolidated results of operations. The loan agreement also requires us to notify the Bank upon the occurrence of a "material adverse event," which among other items, is considered to be an event that may adversely affect our financial condition, business, properties, operations, the Bank's collateral or the Bank's ability to enforce its rights under the loan agreement and ancillary documents. Any such notification is considered an event of default under the loan agreement. Under our prior loan agreement with the Bank, the determination of an occurrence of a "material adverse event" was in the discretion of the Bank. 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. TOR MINERALS INTERNATIONAL, INC. (Registrant) Date: January 26, 2005 /s/ RICHARD BOWERS Richard Bowers President and CEO Date: January 26, 2005 /s/ LAWRENCE W. HAAS Lawrence W. Haas Treasurer and CFO -----END PRIVACY-ENHANCED MESSAGE-----