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 earliest event reported: April 15, 2003
LMI AEROSPACE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Missouri
(State or Other Jurisdiction of Incorporation)
0-24293 43-1309065
(Commission File Number) (I.R.S. Employer Identification No.)
3600 Mueller Road, St. Charles, Missouri 63301
(Address of Principal Executive Offices) (Zip Code)
(636) 946-6525
(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events.
On April 15, 2003, LMI Aerospace, Inc. (the "Company") and Union
Planters Bank, N.A. (the "Bank"), entered into an Eleventh Amendment to Loan
Agreement, amending that certain Loan Agreement dated as of August 15, 1996
(the" Loan Agreement") between Leonard's Metal, Inc., the predecessor in
interest to the Company, and Magna Bank, National Association, the predecessor
in interest to the Bank. The Eleventh Amendment amended the Loan Agreement, to
provide for, among other things, (i) the waiver of the Company's events of
default arising due to the Company's inability to meet the terms of certain
restrictive covenants contained in the Loan Agreement at December 31, 2002, (ii)
the revision of certain restrictive covenants relating to the Company's
financial performance, (iii) an increase in the Company's available line of
credit under the Loan Agreement from a maximum of $7,000,000 to $10,000,000,
subject to borrowing base calculations, (iv) an increase in the applicable
interest rate on the Company's borrowings under its line of credit by 0.25%. In
addition, the Eleventh Amendment requires the Company to retain a financial
consultant to work with management to analyze operations and cash management,
and in conjunction with such financial consultant, the Company is required to
submit a plan for improving the Company's operating performance to the Bank by
June 15, 2003. The Eleventh Amendment also requires the Company to promptly pay
the Bank, for application against outstanding amounts owed under the Company's
line of credit, the amount of any federal tax refunds for tax loss carrybacks
received by the Company for its fiscal year ended December 31, 2002, and any
proceeds received by the Company relating to cost-overrun claims with Lockheed
Martin Corp. The Company's total available line of credit will be reduced from
$10,000,000 by the amount of such payments.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit Number Description
10.1 Eleventh Amendment to Loan Agreement
SIGNATURE
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 thereunto duly authorized.
Date: April 22, 2003
LMI AEROSPACE, INC.
By: /s/ Lawrence E. Dickinson
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Lawrence E. Dickinson
Chief Financial Officer and Secretary
EXHIBIT INDEX
Exhibit Description
10.1 Eleventh Amendment to Loan Agreement