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
August 18, 2003
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Date of Report (Date of earliest event reported)
Baldwin Technology Company, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9334 13-3258160
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Twelve Commerce Drive, Shelton, CT. 06484
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(Address of Principal Executive Offices and Zip Code)
(203) 402-1000
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if changed since Last Report)
Item 5. Other Events
On August 18, 2003, Baldwin Technology Company, Inc. and certain of its
subsidiaries ("Baldwin or the "Company"), entered into a $20,000,000 Credit
Agreement (the "Credit Agreement") with Maple Bank GmbH ("Maple" or "Lender"),
which if not terminated by the Lender on August 15, 2004 or by the Company by
payment in full, shall terminate in its entirety on August 15, 2005. The credit
facility is collateralized by substantially all of the accounts and notes
receivable of the Company and a portion of the Company's inventory. Borrowings
under the credit facility are subject to a borrowing base and bear interest at a
rate equal to the three-month Eurodollar rate (as defined in the Credit
Agreement) plus (i) 10% for loans denominated in U.S. Dollars or (ii) 11.5% for
loans denominated in Euros. The interest rate will be reduced by 0.50% or whole
increments thereof for each whole increment of Disclosed EBITDA (as defined in
the Credit Agreement) that equals or exceeds $1,250,000 for any fiscal quarter
commencing with the quarter ending December 31, 2003. In no event however, may
the interest rate be less than 10.5% per annum. The initial borrowings under the
credit facility amounted to $18,874,000, of which the Company utilized
$16,243,000 to retire its previously existing debt with Fleet National Bank and
Wachovia Bank National Association.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
10.64 Credit Agreement among Baldwin Europe Consolidated,
B.V., as Borrower, and Baldwin Technology Company,
Inc., as Parent, Guarantor and Borrower
Representative, and Baldwin Americas Corporation,
Baldwin Europe Consolidated Inc., Baldwin Asia
Pacific Corporation, Baldwin Graphic Systems, Inc.,
Baldwin Germany GmbH, Baldwin U.K. Holding Limited,
Baldwin (U.K) Ltd., Acrotec UK Ltd., Baldwin
Globaltec Ltd., Baldwin Sweden Holding AB, Baldwin
IVT AB, Baldwin Jimek AB, Japan-Baldwin Ltd., as
Guarantors, and Maple Bank GmbH, as Lender, dated as
of July 25, 2003 (filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
BALDWIN TECHNOLOGY COMPANY, INC.
(Registrant)
By: /s/ VIJAY C. THARANI
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Vijay C. Tharani
(Chief Financial Officer)
Dated: August 22, 2003