UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 18, 2007
| BIOANALYTICAL SYSTEMS, INC. |
| (Exact name of registrant as specified in its charter) |
| Indiana | | 0-23357 | | 35-1345024 |
| (State or other jurisdiction of incorporation or organization) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
2701 KENT AVENUE WEST LAFAYETTE, INDIANA | | 47906-1382 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant's telephone number, including area code: (765) 463-4527
Item 1.01 Entry into a Material Definitive Agreement
On December 18, 2007, Bioanalytical Systems, Inc. (the “Company”) entered into a loan agreement with Regions Bank (“Regions”) under which Regions loaned to the Company $1.4 million dollars under a term loan maturing December 14, 2010. Interest on the loan is equal to LIBOR plus 250 basis points. Monthly payments are $11,667 plus interest. The loan is secured by real estate at the Company’s West Lafayette and Evansville, Indiana locations. Regions holds an additional $8 million of debt of the Company secured by mortgages on these facilities. Proceeds of the loan will be used for capital improvements and repayment of the Company’s subordinated debt.
| Item 9.01. | Financial Statements and Exhibits. |
| 10.1 | Loan agreement between Bioanalytical Systems, Inc. and Regions Bank dated December 18, 2007. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | |
| | Bioanalytical Systems, Inc. |
| | |
| Date: December 27, 2007 | By: | /s/ Michael R. Cox |
| |
Michael R. Cox |
| | Vice President, Finance and Administration, Chief Financial Officer and Treasurer |
Exhibit Index
| 10.1 | Loan agreement between Bioanalytical Systems, Inc. and Regions Bank dated December 18, 2007. |
