TOR Minerals International, Inc. Enters into the Third Amendment with American Bank, N.A
January 23, 2014 at 12:59 am IST
Share
On January 17, 2014, TOR Minerals International Inc. entered into the third amendment with American Bank, N.A. Under the terms of the Amendment, which has an effective date of January 1, 2014, the company is required to pledge a certificate of deposit in the amount of $350,000 as additional security against the outstanding loan balance of $910,447.00. In addition, the company will be required to maintain a ratio of cash flow to debt service as follows: at least 1.25 to 1.0 measured on a rolling four-quarter basis beginning with the four-quarter period ending December 31, 2010, and ending with the four-quarter period ending September 30, 2013; at least 1.0 to 1.0 for the four months ending April 30, 2014; at least 1.0 to 1.0 for the six months ending June 30, 2014; at least 1.0 to 1.0 for the nine months ending September 30, 2014; at least 1.25 to 1.0 for the twelve months ending December 31, 2014; and at least 1.25 to 1.0 measured on a rolling, four-quarter basis beginning with the four-quarter period ending March 31, 2015, and similarly measured at the end of each quarter thereafter.
TOR Minerals International, Inc. is a manufacturer and seller of mineral products for use as pigments and extenders, primarily in the manufacture of paints, industrial coatings plastics, and solid surface applications. The Companyâs products and applications include alumina trihydrate, barium sulfate slurry, boehmite, colored titanium dioxide (TiO2) pigments and white TiO2 synergist. The Company's specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and titanium dioxide color hybrid pigments, are designed for use in plastics, coatings, paints and catalysts applications, as well as a range of other industrial applications. The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments, namely, United States, European and Asian. Its subsidiaries include TOR Minerals Malaysia, Sdn. Bhd. and TOR Processing and Trade, BV.