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) - October 25, 2002
IEC Electronics Corp.
(Exact name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of Incorporation)
0-6508 13-3458955
(Commission File Number) (IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
(Address of Principal Executive Offices)
(315) 331-7742
(Registrant's Telephone Number, including Area Code)
Page 1 of 2
Item 5. Other Events and Regulation FD Disclosure
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Effective as of October 1, 2002, the Company and its lenders, HSBC Bank USA
and General Electric Capital Corporation, entered into Amendment No. 10 (the
"Amendment") to the Loan and Security Agreement originally dated as of December
28, 1999 (the "Agreement). Pursuant to the Amendment, the term of the Agreement
was extended through December 31, 2002 from the present expiration date of
September 30, 2002. In addition, pursuant to the Amendment, the interest rate on
the revolving credit facility continues at prime rate plus 3.50 percent, and the
interest rate on the term loan continues at prime rate plus 4.00 percent. Under
the Amendment, the revolving credit facility component, based on eligibility
criteria for accounts receivable, was reduced from $2 million to $1.75 million.
The Amendment also contains certain covenants relating to the Company's property
in Edinburg, Texas and to the repayment of the COmpany's indebtedness in its
entirety by December 31, 2002 through a debt or equity refinancing or by the
sale of the Company's assets or business. The Company is currently in
discussions with other lending institutions with respect to a new credit
agreement and a refinancing of all of the Company's indebtedness to its present
lenders. While the Company believes it will be successful, there can be no
assurance that it will meet the December 31, 2002 expiration date.
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.
IEC Electronics Corp.
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(Registrant)
Date: October 25, 2002 By:/s/ W. Barry Gilbert
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W. Barry Gilbert
Chief Executive Officer
& Chairman of the Board