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): September 21, 2015
Lakeland Industries, Inc.
(Exact name of registrant as specified in charter)
| Delaware | 0-15535 | 13-3115216 | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) |
3555 Veterans Memorial Highway, Suite C, Ronkonkoma, New York 11779-7410
(Address of principal executive offices) (Zip Code)
| Registrant’s telephone number, including area code: | (631) 981-9700 |
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:
| ¨ | 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 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 21, 2015, Lakeland Industries, Inc.’s China subsidiary, Weifang Lakeland Safety Products Co., Ltd (“WF”), and Chinese Rural Credit Cooperative Bank (“CRCCB”) completed an agreement for WF to refinance its existing line of credit with CRCCB. This refinances a loan from CRCCB to WF on the same terms in the amount of up to RMB 8,000,000 (approximately USD $1,300,000). WF intends to draw down most of the loan amount, if not all, within a relatively short period of time. Below is a summary of the material terms of the loan facility:
| o | Amount of loan: | RMB 8,000,000 (approximately $1,300,000) |
| o | Maturity Date: | March 18, 2016 |
| o | Purpose of loan: | Purchase of materials. |
| o | Collateral: | Inventory owned by WF |
| o | Interest rate of loan and calculation: |
| o | Interest to be at 120% of the benchmark rate supplied by CRCCB (which is currently 6%). |
| o | Effective per annum interest rate: 5.52%; |
| o | CRCCB has hired a professional firm to supervise WF’s inventory flow, which WF will pay yearly at a rate of RMB 46,000 (approximately US $7,200). |
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosures set forth in Item 1.01 are incorporated by reference to this item.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 10.1 | Loan Agreement, dated September 21, 2015, between Weifang Lakeland Safety Products Inc., Ltd. and Chinese Rural Credit Cooperative Bank. | |
| 10.2 | Summary of Exhibit 10.1 in English. |
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.
| LAKELAND INDUSTRIES, INC. | |
| /s/ Christopher J. Ryan | |
| Christopher J. Ryan | |
| Chief Executive Officer & | |
| President |
Date: September 25, 2015
EXHIBIT INDEX
| Exhibit | ||
| Number | Description | |
| 10.1 | Loan Agreement, dated September 21, 2015, between Weifang Lakeland Safety Products Inc., Ltd. and Chinese Rural Credit Cooperative Bank. | |
| 10.2 | Summary of Exhibit 10.1 in English. |