Form 8-K 4th Quarter 2006 Earnings Release
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): March 12, 2007
Katy
Industries, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-05558
|
75-1277589
|
|
(State
of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
2461
South Clark Street, Suite 630
Arlington,
Virginia 22202
(Address
of principal executive offices) (Zip Code)
(703)
236-4300
(Registrant’s
telephone number, including area code)
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:
[
]
Written communications pursuant to Rule 425 under the Securities
Act
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
Item
1.01 Entry
into Material Definitive Agreement.
On
March
8, 2007, Katy Industries, Inc. (the “Company”) entered into an Eighth Amendment
to the Amended and Restated Credit Agreement (“the Eighth Amendment”), between
the Company and Bank of America Business Capital (the “Bank of America Credit
Agreement”). The Bank of America Credit Agreement now consists of a $103.0
million facility with a $13.0 million term loan and a $90.0 million revolving
credit facility (“Revolving Credit Facility”). The Eighth Amendment eliminates
the Fixed Charge Coverage Ratio (as defined in the Bank of America Credit
Agreement) for the remaining life of the debt agreement and requires the Company
to maintain a minimum level of availability such that its eligible collateral
must exceed the sum of its outstanding borrowings and letters of credit by
at
least $5.0 million from the effective date of the Eighth Amendment through
September 29, 2007 and by $7.5 million through December 31, 2007. Thereafter,
the Company is required to maintain a minimum level of availability of $5.0
million for the first three quarters of the year and $7.5 million for the fourth
quarter of the year. In addition, the Company reduced its Revolving Credit
Facility from $90.0 million to $80.0 million.
This
summary of the Eighth Amendment does not purport to be complete and is subject
to, and is qualified in its entirety by, reference to all the terms of the
Eighth Amendment, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
Item
2.02 Results
of Operations and Financial Condition.
On
March
12, 2007, the Company issued a press release regarding its results of operations
for the fourth quarter ended December 31, 2006. A copy of this press release
is
being furnished as Exhibit 99.1 to this Current Report on Form 8-K and
incorporated herein by reference.
In
accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section, nor shall it
be
deemed incorporated by reference in any filing under the Securities Act of
1933,
as amended, except as shall be expressly set forth by specific reference in
such
a filing.
Item
2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The
information required by this Item 2.03 is included in Item 1.01 and incorporated
herein by reference.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit
10.1 Eighth
Amendment to the Amended and Restated Credit Agreement dated March 8, 2007,
between the Company and Bank of America Business Capital.
Exhibit
99.1 Press
release issued by the Company on March 12, 2007.
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.
KATY
INDUSTRIES, INC.
(Registrant)
By:
/s/
Amir Rosenthal
Amir
Rosenthal
Vice
President, Chief Financial Officer,
General
Counsel and Secretary
Date:
March 12, 2007
Index
of Exhibits
Exhibit
No. Description
10.1 Eighth
Amendment to the Amended and Restated Credit Agreement dated March 8, 2007,
between the Company and Bank of America Business Capital.
99.1 Press
release issued by the Company on March 12, 2007.