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): March 31, 2006
Dynamic Materials Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-8328 84-0608431
(Commission File Number) (I.R.S. Employer
Identification Number)
(303) 665-5700
(Registrant's Telephone Number, Including Area Code)
5405 Spine Road, Boulder, Colorado 80301
(Address of Principal Executive Offices) (Zip Code)
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 (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.133-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
The disclosure contained under Item 2.03 below is incorporated herein
by reference.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On March 31, 2006, Dynamic Materials Corporation (the "Company")
entered into the First Amendment to Credit Agreement (the "Amendment") between
the Company and Wells Fargo Bank, National Association (the "Bank"). The
Amendment amends the Credit Agreement entered into on September 15, 2005, by and
between the Company and the Bank (together with the Revolving Line of Credit
Note, the "Credit Facility"). The Credit Facility provides the Company until
June 30, 2007 with a $7,500,000 revolving line of credit for working capital and
general corporate purposes.
The Amendment substitutes a revised Section 6.2, which permits the
Company to invest up to $14,000,000 in fixed assets in fiscal year ending 2006,
while retaining the $4,000,000 limitation on investments in fixed assets in any
subsequent fiscal year. The Amendment also deletes Section 7.1(i) in its
entirety, which had previously considered it an event of default if Groupe SNPE
owned or controlled less than 25% of the outstanding voting equity interests in
the Company.
A copy of the Amendment is included as Exhibit 10.1 to this Current
Report on Form 8-K, and such Exhibit is incorporated into this Item 2.03 by
reference and any description of the Amendment in this Item 2.03 is qualified by
such reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit 10.1. First Amendment to Credit Agreement dated as of March 31, 2006.
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 thereunto duly authorized.
DYNAMIC MATERIALS CORPORATION
By: /s/ Richard A. Santa
------------------------------
Richard A. Santa
Vice President and Chief
Financial Officer
Dated: April 5, 2006
INDEX TO EXHIBITS
Number Description
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10.1 First Amendment to Credit Agreement dated as of March 31, 2006.