v142446_8-k.htm
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) March 5,
2009
PERMA-FIX ENVIRONMENTAL
SERVICES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware.
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1-11596.
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58-1954497
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(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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8302 Dunwoody Place, Suite 250, Atlanta,
Georgia
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30350
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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: (770)
587-9898
Not
applicable
(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:
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o
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Written
communications pursuant to Rule 425 under the Securities
Act
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange
Act
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Section
1 – Registrant’s Business and Operations
Item
1.01 – Entry into a Material Definitive Agreement.
On March
5, 2009, we and our subsidiaries entered into an Amendment to our Loan Agreement
with PNC Bank, National Association (“PNC”) as discussed under Item 2.03 below,
which is incorporated herein by reference.
Section
2 – Financial Information
Item
2.03 – Creation of a Direct Financial Obligation or an Obligation Under an Off
Balance Sheet Arrangement of a Registrant.
On March
5, 2009, we, our subsidiaries and PNC, entered into an amendment (“Amendment”)
to our Revolving Credit, Termination and Security Agreement (“Loan
Agreement”). This Amendment increased our borrowing availability by
approximately an additional $2.2 million. In addition, pursuant to
the Amendment, monthly interest due on our revolving line of credit was amended
from prime plus .500% to prime plus 2.00% and monthly interest due on our Term
Loan was amended from prime plus 1.00% to prime plus 2.50%. The
Company also has the option to pay monthly interest due on the revolving line of
credit using the London Interbank Offer Rate (“LIBOR”), with the minimum floor
base LIBOR rate of 2.5%, plus 3.0% and to pay monthly interest due on the Term
Loan using the minimum floor base LIBOR rate of 2.5%, plus 3.50%. In
addition, pursuant to the Amendment, the fixed charge coverage ratio was amended
to include amounts paid to reduce the Amortizing Availability during each
quarter. The Amendment also allowed our subsidiary to retain funds
received from the sale of certain real estate. All other terms and
conditions to the credit facility remain principally unchanged. As a
condition of this Amendment, we agreed to pay PNC a fee of $25,000.
The funds
made available under this Amendment were used to secure additional financial
assurance needed by our subsidiary, Diversified Scientific Services, Inc.
(“DSSI”), to operate under the permit issued by the Environmental Protection
Agency (“EPA”) on November 26, 2008, to commercially store and dispose of
radioactive Polychlorinated Biphenyls (“PCBs”).
Section
9 – Financial Statements and Exhibits
Item
9.01 – Financial Statements and Exhibits
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Amendment
No. 13 to Revolving Credit, Term Loan and Security Agreement, dated March
5, 2009.
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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.
Dated: March
11, 2009
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Ben
Naccarato
Vice
President and Chief
Financial Officer