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EX-99.1 - PRESS RELEASE - BLOUNT INTERNATIONAL INCex991earningsrelease.htm
EX-99.2 - SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT - BLOUNT INTERNATIONAL INCex992secondamendmenttofour.htm


 
 
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): May 7, 2013 (May 7, 2013)
 
BLOUNT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Delaware
 
001-11549
 
63 0780521
(State or other jurisdiction of
incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
4909 SE International Way, Portland, Oregon
 
97222-4679
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (503) 653-8881
N/A
(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 (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))
 
 
 






________________________________________________________________________________________________________________________
ITEM 1.01.

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT


Effective May 3, 2013, Blount International, Inc. (“Blount” or the “Company”), through its wholly-owned subsidiary, Blount, Inc., entered into the Second Amendment to the Fourth Amended and Restated Credit Agreement (“the Amendment”) of its Senior Credit Facility, pursuant to which General Electric Capital Corporation acts as administrative agent. The terms amended include modified financial covenants and other items. The minimum fixed charge coverage ratio was reset to 1.05 for fiscal quarters ending on or before September 30, 2013, 1.10 for fiscal quarters ending on or before December 31, 2013, and 1.15 thereafter. The maximum leverage ratio was reset to 4.60 for fiscal quarters ending on or before December 31, 2013, 4.35 for fiscal quarters ending on or before March 31, 2014, 4.25 for fiscal quarters ending on or before June 30, 2014, 4.00 for fiscal quarters ending on or before December 31, 2014, 3.75 for fiscal quarters ending on or before June 30, 2015, 3.50 for fiscal quarters ending on or before September 30, 2015, 3.25 for fiscal quarters ending on or before December 31, 2015, and 3.00 thereafter. The amendment also changed the borrowing rate to LIBOR plus 3.00% or at an index rate, as defined in the credit agreement, plus 2.00%, if the Company's maximum leverage ratio is greater than or equal to 4.00 but less than 4.50, and LIBOR plus 3.50% or at an index rate, as defined in the credit agreement, plus 2.50%, if the maximum leverage ratio is 4.50 or higher. The definition of "EBITDA" was also amended, among other items.

The Company's senior credit facility debt is incurred by its wholly-owned subsidiary, Blount, Inc. Blount International, Inc. and all of its domestic subsidiaries other than Blount, Inc. guarantee Blount, Inc.'s obligations under the senior credit facilities. The obligations under the senior credit facilities are collateralized by a first priority security interest in substantially all of the assets of Blount, Inc. and its domestic subsidiaries, as well as a pledge of all of Blount, Inc.'s capital stock held by Blount International, Inc. and all of the stock of domestic subsidiaries held by Blount, Inc. Blount, Inc. has also pledged 65% of the stock of its direct non-domestic subsidiaries as additional collateral.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the attached Amendment.

The Company is filing herewith a copy of the Amendment dated May 3, 2013. The amendment is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
ITEM 2.02.
RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Blount International, Inc. (the “Company”) is furnishing herewith its press release dated May 7, 2013 announcing its financial results for the quarter ended March 31, 2013. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The Company does not intend for this Item 2.02, including Exhibit 99.1, to be treated as “filed” under the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
99.1

  
Press release dated May 7, 2013 issued by Blount International, Inc.
 
 
 
99.2

 
Second Amendment to Fourth Amended and Restated Credit Agreement dated May 3, 2013







________________________________________________________________________________________________________________________

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.
BLOUNT INTERNATIONAL, INC.
Registrant
 
 
/s/ Mark V. Allred
Mark V. Allred
Vice President and Corporate Controller
(Principal Accounting Officer)
Dated: May 7, 2013






________________________________________________________________________________________________________________________

EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description of Exhibit
 
 
99.1

  
Press release dated May 7, 2013 issued by Blount International, Inc.
 
 
 
99.2

 
Second Amendment to Fourth Amended and Restated Credit Agreement dated May 3, 2013