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): April 22, 2008
CVD EQUIPMENT CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
New York
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(State or Other Jurisdiction of Incorporation or Organization)
1-16525 11-2621692
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(Commission File Number) (IRS Employer Identification No.)
1860 Smithtown Ave., Ronkonkoma, New York 11779
(Address of Principal Executive Offices, Including Zip Code)
(631) 981-7081
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(Registrant's Telephone Number, Including Area Code)
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(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.
On April 22, 2008, CVD Equipment Corporation (the "Registrant") entered into a
three year Modified and Restated Revolving Credit Agreement (the "Loan
Agreement") with Capital One, N.A., successor by merger to North Fork Bank (the
"Bank") pursuant to which the Bank has agreed to make revolving loans (the
"Loan") to the Registrant of up to $5 million dollars. The Loan Agreement amends
and supersedes the Registrant's previous $2 million dollar revolving credit
facility with the Bank. The Loan is evidenced by a consolidated and restated
revolving line of credit note (the "Revolving Credit Note"), the obligations of
which are secured by a first priority lien and security interest in all personal
property owned by the Registrant, all of the Registrant's monies, deposits or
other sums held by the Bank on deposit and $500,000 dollars of the proceeds of a
life insurance policy which is owned by the Registrant and issued on the life of
the Registrant's Chief Executive Officer, Leonard A. Rosenbaum.
The Loan will bear interest on the unpaid principal balance thereof from time to
time outstanding at a rate per annum to be elected by the Registrant, which
shall be equal to either (1) the Effective LIBOR Rate plus 2.00% or (2) the
Bank's Prime Rate minus .25%.
The obligation of the Registrant to pay the amounts outstanding under the Loan
Agreement may be accelerated upon the occurrence of an "Event of Default" as
defined in the Loan Agreement.
The foregoing description of the Loan Agreement and the Revolving Credit Note
described above is only a summary and is not intended to be complete description
of all of the terms thereof. You are encouraged to read the documents in their
entirety. A copy of the same is attached as an exhibit to this Current Report on
Form 8-K and the text is hereby incorporated by reference. Certain capitalized
terms used herein but not defined shall have the meaning ascribed to them in the
Loan Agreement.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
10.1 Modified and Restated Revolving Credit Agreement between the Registrant and
the Bank.
10.2 Consolidated and Restated Revolving Line of Credit Note.
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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.
CVD EQUIPMENT CORPORATION
Date: April 28, 2008 /s/ Leonard A. Rosenbaum
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Name: Leonard A. Rosenbaum
Title: Chairman, President, and
Chief Executive Officer
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