WWW.EXFILE.COM, INC. -- 15033 -- NORTH AMERICAN GALVANIZING & COATINGS, INC. -- FORM 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported: April 11, 2007)
North
American Galvanizing & Coatings, Inc.
(Exact
name of registrant as specified in charter)
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Delaware
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1-3920
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71-0268502
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
|
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of
incorporation)
|
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Identification
No.)
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5314
South Yale Avenue, Suite 1000, Tulsa, Oklahoma
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74135
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(Address
of principal executive offices)
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(Zip
Code)
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(Registrant’s
telephone number, including area code): (918)
494-0964
2250
East 73rd
Street, Tulsa, Oklahoma 74136-6832
(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))
On
April
11, 2007, North American Galvanizing Company (the “Company”), the wholly-owned
subsidiary of North American Galvanizing & Coatings, Inc., entered into a
settlement agreement (the “Closing Agreement”) with Harris County Industrial
Development Corporation and the Commissioner of the Internal Revenue Service
(“IRS”) relating to an IRS examination of the Harris County Industrial
Development Corporation Adjustable Rate Industrial Development Revenue
Bonds
(North American Galvanizing Company Project), Series 2000, dated and issued
on
March 14, 2000, in the original principal amount of $9,050,000 (the “Bonds”), of
which $5,640,000 is currently outstanding. The Closing Agreement was
entered into in settlement of certain issues raised by the IRS regarding
compliance with the requirements of Section 103 of the Internal Revenue
Code
(the “Code”). The IRS has not formally asserted any claims against
the Harris County Industrial Development Corporation, or sought to tax
any
holders of the Bonds on interest earned on the Bonds, and the Closing Agreement
was entered into for the benefit of the past, present and future registered
and
beneficial owners of the Bonds. The bondholders will not be required to
include
in their gross income any interest on the Bonds.
Pursuant
to the terms of the Closing
Agreement, the Company agreed to make a payment to the IRS in settlement
of the
issues referenced above, on behalf of Harris County Industrial Development
Corporation, upon the execution of the Closing
Agreement. Furthermore, all outstanding Bonds will be redeemed on or
before June 30, 2007. The Company currently has sufficient borrowing
capacity to redeem the Bonds.
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.
Date: April
11, 2007
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North
American Galvanizing & Coatings, Inc. |
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By: |
/s/ Beth B.
Hood |
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Beth
B. Hood |
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Vice
President and Chief Financial Officer |