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): June 15, 2009
SPARTON CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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| Ohio
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1-1000
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38-1054690 |
(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.) |
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2400 East Ganson Street
Jackson, Michigan
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49202 |
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(Zip Code) |
Registrant’s telephone number, including area code: (517) 787-8600
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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.
On June 15, 2009, Sparton Corporation
(the “Company”) entered into a Modification
Agreement (the “Amendment”) with National City Bank, a national banking association (the “Lender”),
which amends the terms of the existing Promissory Note dated January 22, 2008 between the Company
and the Lender, as amended (the “Promissory Note”) and the related documents. The Promissory Note
relates to an $18 million revolving line of credit facility (the “Line of Credit Loan”) that
supports the Company’s working capital needs and other general corporate purposes. The Line of
Credit Loan is secured by substantially all assets of the Company. The Line of Credit Loan is
evidenced by, among other documents, the Promissory Note, as amended by the Master Amendment to
Loan Documents, dated as of April 21, 2008 and effective as of March 31, 2008, by the Second Master
Amendment to Loan Documents, dated as of July 31, 2008 and effective as of June 30, 2008, by the
Third Master Amendment to Loan Documents, dated as of November 12, 2008, by the Fourth Master
Amendment to Loan Documents, dated as of January 20, 2009 and by the Promissory Note Modification
Agreement dated April 30, 2009 and effective May 1, 2009 (collectively, the “Line of Credit Loan
Documents”).
Pursuant to the Amendment, the terms of the Line of Credit Loan Documents were amended to extend
the maturity date of the Promissory Note from June 15, 2009 to August 15, 2009. The Company also
ratified and confirmed its obligations and liability to the Lender under the Line of Credit Loan
Documents pursuant to the Amendment.
The Line of Credit Loan Documents include representations, covenants and events of default that are
customary for financing transactions of this nature. The Company’s obligations under the Line of
Credit Loan Documents are guaranteed by each of the Company’s subsidiaries, and each guarantee is
secured by all assets of the respective subsidiary.
The foregoing does not constitute a complete summary of the terms of the Amendment and reference is
made to the complete form of the Amendment and the press release that are attached as Exhibit 10.1
and Exhibit 99.1, respectively, to this report and are hereby incorporated by reference.
Table of Contents
Item 9.01 Financial Statements and Exhibits
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| Exhibit No. |
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Description |
Exhibit 10.1
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Modification Agreement dated June 15, 2009 by and between Sparton Corporation and National City Bank |
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Exhibit 99.1
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Press Release dated June 19, 2009 issued by Sparton Corporation regarding the Modification Agreement |