ESCALADE INC — Capital/Financing Update 2008

Jun 5, 2008

8-K 1 escalade_8k.htm FORM 8-K

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) June 4, 2008

ESCALADE, INCORPORATED
(Exact Name of
Registrant as Specified in Its Charter)
Indiana
(State
or Other Jurisdiction of
Incorporation)
0-6966	13-2739290
(Commission
File Number)	(IRS
Employer Identification No.)
817
Maxwell Avenue, Evansville, Indiana	47711
(Address
of Principal Executive Offices)	(Zip
Code)
(812) 467-4449
(Registrant’s
Telephone Number, Including Area 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):

| 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)) |

Section 1 – Registrant’s Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

On June 2, 2008, the Company executed an amendment to the revolving term agreement effectively maintaining the amount of available funds at $30 million by delaying the commencement of the annual $5 million step down until May 31, 2009. All other terms and conditions of the agreement were substantially unchanged. As of June 4, 2008 the outstanding balance on this line of credit was $28.8 million.

On June 2, 2008, the Company’s wholly owned subsidiary, Indian-Martin, Inc. executed an amendment to its revolving term agreement revising the schedule of available funds to $30 million as of June 1, 2008. All other terms and conditions of the agreement were unchanged. As of June 4, 2008 the outstanding balance on this line of credit was $18.1 million.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

EXHIBIT NUMBER	DESCRIPTION
10.1	Ninth Amendment to Amended
and Restated Credit Agreement effective October 24, 2001 by and between
Escalade, Incorporated and JPMorgan Chase Bank, NA. The effective date of the
Amendment was May 31, 2008.
10.2	Fourth Amendment to
Amended and Restated Credit Agreement effective September 5, 2003 by and
between Indian-Martin, Inc. and JPMorgan Chase Bank, NA. The effective date
of the Amendment was May 31, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Escalade, Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| Date:
June 4, 2008 |
| --- |
| By: /s/ TERRY D. FRANDSEN |
| Terry D. Frandsen, Vice President and Chief
Financial Officer |

2