TOR Minerals International, Inc. Enters into the Sixth Amendment to the Loan Agreement with American Bank, N.A
January 04, 2016 at 01:08 pm EST
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On December 30, 2015, TOR Minerals International Inc. entered into the Sixth amendment to the loan agreement with American Bank, N.A. As a result of the company paying off the term loan owed to the Lender, the company no longer has regularly-scheduled principal and interest payments owed under its debt service obligations. Therefore, the Lender replaced the cash flow coverage ratio requirement comparing cash flow to debt service obligations with a new financial covenant designed to monitor the company's cash-flow and net earnings. Under the terms of the Amendment, the company is required to maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges on a rolling four-quarter basis.
All other terms of the agreements remained unchanged.
TOR Minerals International, Inc. is a manufacturer and seller of mineral products for use as pigments and extenders, primarily in the manufacture of paints, industrial coatings plastics, and solid surface applications. The Companyâs products and applications include alumina trihydrate, barium sulfate slurry, boehmite, colored titanium dioxide (TiO2) pigments and white TiO2 synergist. The Company's specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and titanium dioxide color hybrid pigments, are designed for use in plastics, coatings, paints and catalysts applications, as well as a range of other industrial applications. The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments, namely, United States, European and Asian. Its subsidiaries include TOR Minerals Malaysia, Sdn. Bhd. and TOR Processing and Trade, BV.
TOR MINERALS INTERNATIONAL, INC. 
