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) - February 28, 2002
IEC Electronics Corp.
(Exact name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of Incorporation)
0-6508 13-3458955
(Commission File Number) (IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
(Address of Principal Executive Offices)
(315) 331-7742
(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events and Regulation FD Disclosure
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Effective as of February 28, 2002, the Company and its lenders, HSBC Bank
USA and General Electric Capital Corporation, entered into Amendment No. 6 (the
"Amendment") to the Loan and Security Agreement originally dated as of December
28, 1999 (the "Agreement). Pursuant to the Amendment, the term of the Agreement
was extended through March 15, 2002 from the present expiration date of February
28, 2002. In addition, pursuant to the Amendment, the interest rate on the
revolving credit facility was increased from prime rate plus 0.75 percent to
prime rate plus 1.00 percent, and the interest rate on the term loan was
increased from prime rate plus 1.00 percent to prime rate plus 1.25 percent.
Under the Agreement, the revolving credit facility component is based on
eligibility criteria for receivables and inventory. The Amendment reduces the
inventory borrowing base from $2 million to $1.5 million. The Company is
currently in discussions with other lending institutions with respect to a new
credit agreement. While the Company believes it will be successful, there can be
no assurance that it will meet the March 15, 2002 expiration date.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
10.1 Amendment No. 6 dated as of February 28, 2002 to Loan and Security
Agreement originally dated as of December 28, 1999 among IEC
Electronics Corp. ("IEC") and IEC Electronics-Edinburg, Texas Inc.
("IEC-Edinburg") and HSBC Bank USA, as Agent ("Agent") and HSBC
Bank USA ("HSBC Bank") and General Electric Capital Corporation
("GE Capital")
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.
IEC Electronics Corp.
(Registrant)
Date: March 6, 2002 By: /s/ Richard L. Weiss
Richard L. Weiss
Vice President, Chief Financial
Officer & Treasurer
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