TOR Minerals International Inc. Enters into a New the Loan Agreement with American Bank, N.A
June 23, 2016 at 03:30 pm EDT
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On June 23, 2016, TOR Minerals International Inc. entered into a new the loan agreement with American Bank, N.A. which amends and restates, in its entirety, the prior Agreement between the parties dated December 30, 2010, as previously amended on February 15, 2012, May 15, 2013, January 1, 2014, August 1, 2014, May 15, 2015, and December 30, 2015. Under the terms of the Agreement, which has an effective date of June 15, 2016, the Lender extended the maturity date on the line of credit from October 15, 2016 to October 15, 2017. In addition, the Company requested that the Lender reduce the revolving credit promissory note from $2 million to $1 million, which was effected with the fourth amendment to the revolving credit and promissory note. 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. 