TCP INTERNATIONAL HOLDINGS LTD. (OTCMKTS:TCPIF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Consumer Products Canada, Inc. and Bowman Lamps, LLC
(collectively “Loan Parties”), subsidiaries of TCP International
Holdings Ltd., entered into an Amendment No. 1 to their Amended
and Restated Revolving Credit and Security Agreement, originally
dated September 29, 2016 (the Amendment), with the lenders
referenced therein and PNC Bank, National Association, as agent
for the lenders. The Amendment, among other things:
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waives the event of default arising from the failure of the
Loan Parties to furnish annual financial statements for the fiscal year ending December 31, 2015; |
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increases the applicable margin on borrowings outstanding
under the credit agreement until the first business day of the month following receipt by the agent of the final financial statements for the fiscal years ending December 31, 2015 and December 31, 2016; |
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extends the date by which the Loan Parties are required to
furnish audited financial statements for the fiscal years ending December 31, 2015 and December 31, 2016, to the agent to October 31, 2017; and |
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expands the definition of a change in control to include a
change in the Chief Executive Officer, Chief Financial Officer, President, or individual exercising similar functions and duties for TCP International Holdings Ltd. or the Loan Parties, made without express approval from the agent. |
entirely by reference to the full text of the Amendment No. 1 to
Amended and Restated Credit and Security Agreement, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
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EXHIBIT
INDEX
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DESCRIPTION
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10.1
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Amendment No. 1 to Amended and Restated Revolving
Credit and Security Agreement among PNC Bank, National Association, Technical Consumer Products, Inc., Technical Consumer Products Canada, Inc. and Bowman Lamps, LLC |
About TCP INTERNATIONAL HOLDINGS LTD.> (OTCMKTS:TCPIF)
TCP International Holdings Ltd. is a provider of light-emitting diode (LED) and compact fluorescent lamp (CFL) lighting technologies. The Company designs, develops, manufactures and delivers lamps, fixtures and Internet-based lighting control solutions. Its portfolio of LED and CFLs, fixtures and Internet-based lighting solutions are offered through retail and consumer and industrial distributors throughout the United States, Canada, Asia, Latin America and Europe/Middle East/Africa (EMEA). The Company offers industrial warehouse lighting and commercial lighting systems, which include Commercial & Industrial Light Bulbs, Commercial & Industrial Light Fixtures, and Emergency Exit Signs for Lighting. Its Commercial & Industrial Light Bulbs include LED A Lamps, LED T8 Tubes, LED BR Lamps, Dimmable LED Downlights, LED MR16 Lights, LED Deco Lights, Non-Dimmable LED PAR Lamps, Dimmable LED PAR Lamps, Fluorescent Lamps & Ballasts, CFL Light Bulbs, Halogen Lamps and LED Elevator Lamps. TCP INTERNATIONAL HOLDINGS LTD.> (OTCMKTS:TCPIF) Recent Trading Information
TCP INTERNATIONAL HOLDINGS LTD.> (OTCMKTS:TCPIF) closed its last trading session down -0.06 at 1.25 with 103,374 shares trading hands.
