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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spartech Corp. | NYSE:SEH | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.61 | 0.00 | 01:00:00 |
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Delaware
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1-5911
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43-0761773
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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Item 1.01
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Entry into a Material Definitive Agreement
.
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•
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Under the Amendments, beginning in the fourth quarter of the Company's 2012 fiscal year, the calculation of the Company's Fixed Charge Coverage ratio will exclude (except for purposes of determining whether a Restricted Payment can be made) 50% of scheduled installment payments of principal on the Company's Consolidated Indebtedness.
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•
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The minimum Fixed Charge Coverage ratio was amended: (i) from 1.40 to 1.00 to 1.20 to 1.00 at the end of the fourth quarter of its 2012 fiscal year and the first quarter of its 2013 fiscal year; and (ii) from 1.40 to 1.00 to 1.30 to 1.00 at the end of the second quarter of its 2013 fiscal year and thereafter.
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•
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The maximum Leverage Ratio was amended from 3.25 to 1 during the third quarter of the Company's 2012 fiscal year to 3.00 to 1.00.
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The Amendments change the $30,000,000 cap on annual Capital Expenditures when the Company's leverage ratio exceeds the specified level so that beginning with the Company's 2013 fiscal year, the $30,000,000 cap will be increased by the amount of permitted Capital Expenditures not used during the prior fiscal year and the cap applies when the Company's Leverage Ratio exceeds 2.50 to 1.00 from the prior 3.00 to 1.00.
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The interest rate on the outstanding 6.58% Senior Notes due 2016 beginning December 6, 2011 was increased by 50 basis points to 7.08% until the Company obtains and maintains an unsecured debt rating of BBB- or better from Fitch, Inc. or a comparable rating from another nationally recognized statistical rating organization.
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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Exhibit
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Number
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Description
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99.1
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Press release of Spartech Corporation dated December 12, 2011
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SPARTECH CORPORATION
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Date: December 12, 2011
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By:
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/s/ Randy C. Martin
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Randy C. Martin
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Executive Vice President Corporate Development And Chief Financial Officer
Spartech Corporation
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1 Year Spartech Chart |
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