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): June 16, 2021
OLYMPIC STEEL, INC.
(Exact Name of Registrant as Specified in its Charter)
Ohio | 0-23320 | 34-1245650 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| | |
22901 Millcreek Boulevard, Suite 650 Highland Hills, Ohio | 44112 |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s telephone number, including area code) (216) 292-3800
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, without par value | ZEUS | The NASDAQ Stock Market LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. | Entry into a Material Definitive Agreement. |
On June 16, 2021, Olympic Steel, Inc., an Ohio corporation (the “Company”), and certain of its wholly-owned domestic direct and indirect subsidiaries (collectively with the Company, the “Borrowers”) entered into a Fourth Amendment to Third Amended and Restated Loan and Security Agreement (the “Fourth Amendment”), with the lenders party thereto (the “Lenders”) and Bank of America, N.A., as Agent for the Lenders.
The Fourth Amendment amends the Third Amended and Restated Loan and Security Agreement, dated as of December 8, 2017, as amended, among the Borrowers party thereto, the Lenders and the Agent.
The Fourth Amendment, among other things, extends the maturity date to June 16, 2026, includes an option to increase the size of the revolving credit facility by up to $200 million with the consent of the lenders, and provides for the ability to add real estate as collateral at the Company’s discretion.
The above summary of the Fourth Amendment is qualified in its entirety by reference to the Fourth Amendment, which is attached hereto as Exhibit 4.30 and is incorporated herein by reference.
Item 2.03 | Creation of a Direct Financial Obligation |
The information set forth in Item 1.01 is incorporated herein by reference into this Item 2.03.
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description |
| | |
| 4.30 | Fourth Amendment to Third Amended and Restated Loan and Security Agreement, dated as of June 16, 2021, among the Company, Olympic Steel Lafayette, Inc., Olympic Steel Minneapolis, Inc., Olympic Steel Iowa, Inc., Oly Steel NC, Inc., IS Acquisition, Inc., Chicago Tube and Iron Company, B Metals, Inc., MCI, Inc., ACT Acquisition, Inc., the lenders from time to time party thereto and Bank of America, N.A. as Agent for the Lenders. |
| | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| | OLYMPIC STEEL INC. | |
| | | | |
| | | | |
| | By: | /s/ Richard A. Manson | |
| | | Richard A. Manson | |
| | | Chief Financial Officer | |
Date: June 18, 2021
