TOR Minerals Secures Covenant Waiver for US Credit Facility
Monday, August 18th 2008
TOR Minerals International, Inc. secured a waiver for non-compliance with certain covenants set forth in its US Credit Facility with Bank of America on August 14, 2008. As previously disclosed, as of June 30, 2008, the company was in technical violation of certain coverage ratios in its long-term credit facility.
Pursuant to one of the provisions of the waiver and amended agreement, the company agreed to raise cash equity contributions in the aggregate amount of at least $1 million not later than September 15, 2008. The company is moving forward on a private placement of common stock to attempt to raise a minimum of $1 million to satisfy this requirement. Although the company is optimistic that it will satisfy this requirement, no assurance can be provided.
Headquartered in Corpus Christi, Texas, TOR Minerals is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications, including synthetic titanium dioxide, color pigments, specialty aluminas, and other high performance mineral fillers. TOR Minerals has manufacturing and regional offices located in the United States, Netherlands and Malaysia.
