UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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):
May 1, 2008
ART’S-WAY
MANUFACTURING CO., INC.
|
(Exact
Name of Registrant as Specified in Charter)
|
|
Delaware
|
000-05131
|
42-0920725
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
5556
Highway 9
|
|
|
Armstrong,
Iowa
|
50514
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
(712)
864-3131
|
(Registrant’s
telephone number, including area
code)
|
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 (see General Instruction A.2. below)
|
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 Amendment of Material Agreement.
On
May 1,
2008, Art’s-Way Manufacturing Co., Inc. modified the terms of three of its loans
with West Bank. The maturity dates, interest rates and payment terms were
amended and the Company entered into a Change in Terms Agreement with West
Bank.
On
June
7, 2007 the Company restructured its long-term debt with West Bank in order
to
have one loan in the principal amount of $4,100,000. The loan was written
to
mature on May 1, 2017 and bore interest at the U.S. daily 5-year treasury
index
plus 2.75 bps fixed for 5 years and was set to adjust to the prevailing same
index and margin on the fifth anniversary of the loan for the balance of
the
term. On May 1, 2008, the terms of this loan were changed to modify the maturity
date, interest rate and payments. The loan, with a principal amount of
$3,898,161 as of May 1, will now mature on May 1, 2013. The loan bears interest
at 5.75%. Monthly principal and interest payments in the amount of $42,500
are
required, with a final payment of principal and accrued interest due on May
1,
2013.
The
Company obtained two additional loans from West Bank in 2007 to finance the
construction of the new facilities in Monona and Dubuque. On October 9, 2007,
the Company obtained a loan for $1,330,000 that bore interest at the U.S.
daily
5-year treasury index plus 2.75 bps, fixed at 7% for 5 years and then set
to
adjust to the prevailing same index and margin on the fifth anniversary for
the
balance of the term. On May 1, 2008, the terms of this loan, with a principal
amount of $1,316,002, were changed to modify the maturity date, interest
rate
and payments. The new terms changed the maturity date to May 1, 2013 and
the
interest rate is now 5.75%. Monthly payments of $11,000 are required for
principal and interest, with a final payment of accrued interest and principal
due on May 1, 2013.
On
November 30, 2007, the Company obtained a construction loan to finance the
Dubuque, Iowa facility. This loan had a principal amount of $1,500,000. The
loan
bore interest at the U.S. daily 5-year treasury index plus 2.75 bps, fixed
at
7.25% for 5 years and was written to adjust to the prevailing same index
and
margin on the fifth anniversary for the balance of the term. On May 1, 2008
the
terms of this loan, with a principal amount of $1,498,062, were changed to
modify the maturity date, interest rate and payments. The new terms changed
the
maturity date to May 1, 2013 and the interest rate is now 5.75%. Payments
of
$12,550 are due monthly for principal and interest, with a final accrued
interest and principal payment due on May 1, 2013.
Pursuant
to the rules and regulations of the Securities and Exchange Commission, the
exhibit and the information set forth therein and herein shall not be deemed
to
be filed for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and shall not be deemed to be incorporated by
reference in any filing under the Securities Act of 1933, as amended, or
the
Exchange Act, except as shall be expressly set forth by specific reference
in
such a filing.
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.
|
|
|
|
ART’S-WAY
MANUFACTURING CO., INC. |
|
|
|
June
30,
2008 |
By: |
/s/
Carrie L. Majeski
|
Date |
Carrie
L. Majeski, President and Chief Executive
Officer |
|
|