CTI INDUSTRIES CORPORATION (NASDAQ:CTIB) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On July 28, 2017, Registrant and its senior lender, BMO Harris Bank N.A., entered into an amendment to the Credit Agreement of April, 2010, extending to October 18, 2017, the maturity date of the obligations under the Credit Agreement. The amendment includes an increase of .50% in the LIBOR margin and base margin and includes certain additional reporting obligations. Registrant’s subordinate lender, BMO Private Equity (U.S.) Inc., has consented to the amendment in return for its ability to exercise at any time hereafter its right to sell common stock warrants back to Registrant for cash or a promissory note on which principal and interest are payable on January 18, 2018, the maturity date of the existing subordinate debt.
About CTI INDUSTRIES CORPORATION (NASDAQ:CTIB)
CTI Industries Corporation develops, produces and distributes various consumer products and sells these products throughout the United States and in over 35 other countries. The Company designs, manufactures and distributes film products. It is a developer of products, which employ flexible films, including balloons, pouches and rolls of film for vacuum sealing and storage of products in the home and films for commercial packaging applications. Its principal lines of products include Novelty Products, consisting of foil and latex balloons and other inflatable toy items, and also Candy Blossoms (small containers of arranged candy items, including a small inflated balloon); Vacuum Sealing Containers and Sealing Devices, which are for home and consumer use to vacuum seal, store and preserve food and personal items, and Flexible Films, for food and other commercial and packaging applications.