LAWSON PRODUCTS, INC. (NASDAQ:LAWS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into a Material Definitive Agreement.
LAWSON PRODUCTS, INC. (NASDAQ:LAWS) Files An 8-K Entry into a Material Definitive Agreement
On March 30, 2017, Lawson Products, Inc. (the “Company”) entered into an Eighth Amendment to Loan and Security Agreement (the “Amendment”) with The PrivateBank and Trust Company (“PrivateBank”) which amends The Loan and Security Agreement (“Loan Agreement”) entered into between the Company and PrivateBank in August 2012.
The Amendment eliminates the previously required quarterly minimum tangible net worth covenant of $45.0 million. The Amendment also eliminates the change of control provision that, among other items, would have created a default under the Loan Agreement if the Port family ownership was below twenty percent of the issued and outstanding equity interests or if any person or group acquired a beneficial ownership of thirty-five percent or more.
The foregoing summary is qualified in its entirety by the Amendment which is hereby attached as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Eighth Amendment to Loan and Security Agreement
About LAWSON PRODUCTS, INC. (NASDAQ:LAWS)
Lawson Products, Inc. is a distributor of products and services the industrial, commercial, institutional and government maintenance, repair and operations (MRO) market. The Company’s product categories include fastening systems, fluid power, specialty chemicals, cutting tools and abrasives, electrical, aftermarket automotive supplies, safety, welding and metal repair, and other. The Company supplies a range of automotive products, including body hardware, body shop, brake/wheel, fleet/truck, repair harness assembly and other parts. The Company offers approximately 200,000 different core products for sale of which approximately 50,000 products are maintained in its distribution centers. The Company’s customers operate in a range of industries, including automotive repair, commercial vehicle maintenance, government, manufacturing, food processing, distribution, construction, oil and gas, mining, wholesale and service. LAWSON PRODUCTS, INC. (NASDAQ:LAWS) Recent Trading Information
LAWSON PRODUCTS, INC. (NASDAQ:LAWS) closed its last trading session down -0.30 at 21.35 with 47,755 shares trading hands.
Lawson Products, Inc. is a distributor of products and services the industrial, commercial, institutional and government maintenance, repair and operations (MRO) market. The Company’s product categories include fastening systems, fluid power, specialty chemicals, cutting tools and abrasives, electrical, aftermarket automotive supplies, safety, welding and metal repair, and other. The Company supplies a range of automotive products, including body hardware, body shop, brake/wheel, fleet/truck, repair harness assembly and other parts. The Company offers approximately 200,000 different core products for sale of which approximately 50,000 products are maintained in its distribution centers. The Company’s customers operate in a range of industries, including automotive repair, commercial vehicle maintenance, government, manufacturing, food processing, distribution, construction, oil and gas, mining, wholesale and service. LAWSON PRODUCTS, INC. (NASDAQ:LAWS) Recent Trading Information
LAWSON PRODUCTS, INC. (NASDAQ:LAWS) closed its last trading session down -0.30 at 21.35 with 47,755 shares trading hands.
