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
Date of report (date of earliest event reported): April 26, 2013
ACME UNITED CORPORATION
(Exact name of registrant as specified in its charter)
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Connecticut
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001-07698
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06-0236700
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(State or other jurisdiction of incorporation or organization)
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(Commission file number)
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(I.R.S. Employer
Identification No.)
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60 Round Hill Road, Fairfield, Connecticut
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06824
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (203) 254-6060
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))
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ITEM 1.01. Entry into a Material Definitive Agreement
On April 25, 2013, the Company announced that it had amended its loan agreement with HSBC Bank, N.A. dated April 5, 2012. The new agreement increases the borrowing limit to $40 million from $30 million. The interest rate remains the same at LIBOR plus 1.75%. The agreement expires on April 5, 2017. A copy of the press release is attached as exhibit 99.1 to this current report.
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.
ACME UNITED CORPORATION
| By | /s/ Walter C. Johnsen | |
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Walter C. Johnsen
Chairman and
Chief Executive Officer
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Dated: April 26, 2013
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| By | /s/ Paul G. Driscoll | |
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Paul G. Driscoll
Vice President and
Chief Financial Officer
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Dated: April 26, 2013
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Exhibit 99.1
ACME UNITED CORPORATION NEWS RELEASE
| CONTACT: | Paul G. Driscoll | Acme United Corporation | 60 Round Hill Road | Fairfield, CT 06824 |
| Phone: (203) 254-6060 | FAX: (203) 254-6521 |
| FOR IMMEDIATE RELEASE April 25, 2013 |
ACME UNITED CORPORATION ANNOUNCES INCREASED BANK FACILITY
FAIRFIELD, CONN. – April 25, 2013 – Acme United Corporation (NYSE MKT:ACU) today announced that it has amended its loan agreement with HSBC Bank, N.A., dated April 5, 2012. The current five-year facility provides for borrowings up to $30 million at an interest rate of LIBOR plus 1.75%. The amended agreement provides for borrowings up to $40 million at the same interest rate. The agreement expires on April 5, 2017.
This facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other related business activities.
Walter C. Johnsen, Chairman and CEO said, “We are very pleased to have increased our borrowing capacity to help finance expansion of our business. The Company continues to see many growth opportunities and we are excited about our prospects. We thank HSBC for their help and support.”
Mr. Johnsen noted that the Company’s interest rate at current levels is approximately 2 percent.
ACME UNITED CORPORATION is an innovative supplier of cutting devices, measuring instruments, and safety products for school, home, office, hardware and industrial use. Its leading brands include Westcott®, Clauss®, and PhysiciansCare® and Pac-Kit®. Visit us at www.acmeunited.com.
Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the following: (i) changes in the Company’s plans, strategies, objectives, expectations and intentions, which may be made at any time at the discretion of the Company; (ii) the impact of uncertainties in global economic conditions, including the impact on the Company’s suppliers and customers (iii) changes in client needs and consumer spending habits; (iv) the impact of competition and technological changes on the company (v) the Company’s ability to manage its growth effectively, including its ability to successfully integrate any business it might acquire; (vi) currency fluctuations; and (vii) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.