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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): September 25, 2002
ALLIED HEALTHCARE PRODUCTS, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-19266 25-1370721
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(Commission File Number) (I.R.S. Employer Identification No.)
1720 SUBLETTE AVENUE
ST. LOUIS, MISSOURI 63110
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(Address of Principal Executive offices) (Zip Code)
(314) 771-2400
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if changed Since Last Report)
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ITEM 5. OTHER EVENTS.
In its press release and related interim report on Form 8-K dated
September 16, 2002, the Company reported that at June 30, 2002 and for the
quarter and fiscal year then ended, the Company was not in compliance with
certain covenants of its Loan and Security Agreement dated April 24, 2002 with
LaSalle Bank National Association (the "Bank") and that the Company was seeking
revision of certain covenants applicable to future periods.
On September 25, 2002, the Company received a waiver from the Bank for
its covenant violations pertaining to its fixed charge ratio and the earnings
before interest, taxes, depreciation, and amortization ratio (EBITDA), as to
which the Company was in default on June 30, 2002.
On September 26, 2002, the Bank agreed to an amendment of the Company's
credit facility (the "amended credit facility"). Under the terms of the amended
credit facility, the interest rate on each loan outstanding at an Event of
Default, as defined in the amended credit facility, will bear interest at the
rate of 2.00% per annum in excess of the interest rate otherwise payable thereon
and interest payments will be payable on demand. The Bank amended various
financial covenants in conjunction with the amended credit facility to include a
quarterly fixed coverage charge ratio and EBITDA ratio through June 30, 2003,
which are adjusted to measurement on an annual basis beginning on July 1, 2003.
In addition, the outstanding loans under the amended credit facility will bear
interest at an annual interest rate of 0.75% plus the Bank's prime rate and the
Company will not have the option to elect a LIBOR rate of interest for its
outstanding borrowings. The Company's per annum fee on any outstanding letters
of credit under the amended credit facility will be 2.50%. The borrowing period
under the term loan for capital expenditures, which will represent 80% of the
purchase price of the related equipment, has been extended to eight months from
the date of the original credit facility.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits
10.1 Amendment dated September 26, 2002, to Loan and Security Agreement
dated April 24, 2002 between the Company and LaSalle Bank National Association.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Allied Healthcare Products, Inc.
Date: October 1, 2002 By: /s/ Daniel Dunn
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Chief Financial Officer
Vice President
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EXHIBIT INDEX
Exhibit No.
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10.1 First Amendment to Loan and Security Agreement dated April 24,
2002 between the Company and LaSalle Bank National Association
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