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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 29, 2005
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-11596 58-1954497
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1940 N.W. 67th Place, Suite A, Gainesville, Florida 32653
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (352) 373-4200
Not applicable
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(Former name or former address, if changed since last report)
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
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
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Section 1 - Registrant's Business and Operations.
Item 1.01. Entry into a Material Definitive Agreement.
On June 29, 2005, Perma-Fix Environmental Services, Inc. (the "Company"),
entered into an amendment ("Amendment") to its Revolving Credit, Term Loan and
Security Agreement ("Agreement") with PNC Bank, National Association ("PNC").
Pursuant to the Amendment, PNC has increased our Term Loan by approximately $4.4
million, resulting in a new Term Loan of $7 million. Under the Amendment, the
Term Loan continues to be payable in monthly installments equal to approximately
$83,333, plus accrued interest, and the remaining unpaid principal balance of
the Term Loan, plus unpaid and accrued interest, being due and payable at the
end of the term of the Agreement. As part of the Amendment, certain subsidiaries
of the Company have modified or granted PNC mortgages to their facilities, in
addition to the collateral previously granted to PNC under the Agreement. The
$18 million revolving credit facility provided to the Company under the
Agreement, together with other terms and conditions to the Agreement, remain
principally unchanged. The term of the Agreement, as amended, terminates in May,
2008, and upon expiration of the term of the Agreement the unpaid principal
balance of the Term Loan and the revolving credit facility, plus accrued and
unpaid interest, shall be due and payable. The Company has used the additional
loan proceeds under the Term Loan to prepay a $3.5 million unsecured promissory
note, which was due and payable in August 2005, and the balance will be used as
general working capital.
Item 9. Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
4.1 Amendment No. 5 to the Revolving Credit, Term Loan, and Security
Agreement between Perma-Fix Environmental Services, Inc. and PNC
Bank, National Association. All exhibits and schedules attached
to the Amendment are listed in the List of Exhibits and
Schedules. The Company will furnish supplementally a copy of such
exhibits and schedules to the Commission upon the Commission's
request.
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.
Dated: June 29, 2005.
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
By: /s/ Richard T. Kelecy
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Richard T. Kelecy,
Vice-President and
Chief Financial Officer