Current Report Filing (8-k)

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, 2015

INTRICON CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania	1-5005	23-1069060
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1260 Red Fox Road, Arden Hills, MN 55112

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (651) 636-9770

N/A

(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 240.14a-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.

Item 2.03	Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Amendment of Loan and Security Agreement.

On March 31, 2015, IntriCon Corporation (the “Company”) and its domestic subsidiaries entered into a Seventh Amendment to the Loan and Security Agreement with The PrivateBank and Trust Company. The amendment, among other things:

	·	extended the term loan and revolving loan maturity date to February 28, 2019;

	·	increased the Company’s term loan to $5.0 million from its then current balance of $1.75 million, as a result of which the Company today borrowed an additional $3.25 million under the term loan facility; the term loan is amortized in quarterly principal installments of $250,000 plus accrued interest, with the first payment due on June 30, 2015, and any remaining principal and accrued interest is payable on February 28, 2019;

	·	amended the applicable base rate margin, applicable LIBOR rate margin, applicable LOC fee and applicable non-use fee based on the then applicable leverage ratio;

	·	increased the annual capital expenditure limit to $4.5 million; and

	·	implemented investment provisions to allow for up to $4.0 million investment spending prior to requiring bank approval.

The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to such document, which the Company expects to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2015.

Item 7.01

Regulation FD Disclosure.

A copy of the Company’s press release issued in connection with the amendment described above is furnished herewith as Exhibit 99.1.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated March 31, 2015.

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.

	INTRICON CORPORATION

	By:	/s/ Scott Longval
	Name:	Scott Longval
	Title:	Chief Financial Officer
Date: March 31, 2015

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated March 31, 2015.

Exhibit 99.1

FOR IMMEDIATE RELEASE

INTRICON AMENDS DOMESTIC CREDIT FACILITIES

Increases Domestic Borrowing Capacity and Improves Financial Flexibility

ARDEN HILLS, Minn. — March 31, 2015—IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, announced today that it has amended its credit facilities with The PrivateBank.

Highlights of the amendment include:

Increasing IntriCon’s term loan to $5.0 million from its current balance of $1.75 million, amortized in quarterly principal installments of $250,000;

Lowering interest rates on the term loan and revolving loan compared to the company’s existing facility;

Extending the term loan and revolving loan maturity date to February 28, 2019;

Increasing the annual capital expenditure limit to $4.5 million; and

Implementing investment provisions that allow for up to $4.0 million in investment spending prior to requiring bank approval.

Said Mark S. Gorder, president and chief executive officer, "As we continue to aggressively pursue significant revenue opportunities in the value hearing health, or VHH, and medical biotelemetry markets, financial flexibility is critical. The expansion of our VHH business requires the company to establish infrastructure and secure channel partners to capitalize on the rapidly emerging market. Additionally, core technology investments—including development of ultra-low-power wireless technology aimed at increasing efficiencies and access to the emerging VHH distribution channel and medical biotelemetry markets—are essential to our long-term success.

“Working with our partners at The PrivateBank, we have created a lending structure that provides broader flexibility and enhances management’s ability to move quickly on opportunities that arise. This amendment reinforces The PrivateBank’s commitment to our strategic plan and its belief in our ability to execute our growth initiatives successfully.”

IntriCon Corporation

March 31, 2015

Page 2

About IntriCon Corporation
Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops and manufactures miniature and micro-miniature body-worn devices. These advanced products help medical, healthcare and professional communications companies meet the rising demand for smaller, more intelligent and better connected devices. IntriCon has facilities in the United States, Asia and Europe. The company’s common stock trades under the symbol “IIN” on the NASDAQ Global Market. For more information about IntriCon, visit www.intricon.com.

Forward-Looking Statements

Statements made in this release and in IntriCon’s other public filings and releases that are not historical facts or that include forward-looking terminology are “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be affected by known and unknown risks, uncertainties and other factors that are beyond IntriCon’s control, and may cause IntriCon’s actual results, performance or achievements to differ materially from the results, performance and achievements expressed or implied in the forward-looking statements. These risks, uncertainties and other factors are detailed from time to time in the company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2014. The company disclaims any intent or obligation to publicly update or revise any forward-looking statements, regardless of whether new information becomes available, future developments occur or otherwise.

Contacts

At IntriCon:
Scott Longval, CFO
651-604-9526
slongval@intricon.com

At PadillaCRT:
Matt Sullivan
612-455-1709
matt.sullivan@padillacrt.com

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