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<title>Form 8K, Amended Credit Agreement and Convertible Subordinated Debentures</title>


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  <p class=MsoNormal align=center style='text-align:center'><b><font size="5">UNITED STATES<br>
  </font>SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, DC 20549</b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="1"><br>
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	<font size="5">FORM 8&#8209;K<br>
&nbsp;</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2"><br>
	<br>
	CURRENT REPORT Pursuant<br>
  to Section 13 or 15(d) of the<br>
  Securities Exchange Act of 1934<br>
	<br>
&nbsp;</font></b></p>
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  <p class=MsoNormal align=right style='text-align:center'><font size="2">Date of report (Date of
  earliest event reported):</font><b><font size="2">&nbsp; April
  30, 2009<br>
	<br>
&nbsp;</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="5">TOR Minerals International,
  Inc.<br>
  </font></b><font size="1">(Exact Name of Registrant as
  Specified in Its Charter)<br>
	<br>
	</font>
	<b>Delaware<br>
  </b><font size="1">(State or
  Other Jurisdiction of Incorporation)<br>
	<br>
&nbsp;</font></p>

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  <p class=MsoNormal align=center style='text-align:center'><b>0-17321<br>
  </b><font size="1">(Commission
  File Number)<br>
  </font><font size="2">
  <br>
  </font>
  <b><font size="2">722 Burleson Street<br>
  Corpus Christi, Texas<br>
	</font>
	</b><font size="1">(Address of Principal Executive
  Offices)</font></p>
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  <p class=MsoNormal align=center style='text-align:center'><b>74-2081929<br>
  </b><font size="1">(IRS Employer
  Identification No.)<br>
  </font><font size="2">
  <br>
  </font>
  <b><font size="2"><br>
  78402<br>
	</font>
	</b><font size="1">(Zip Code)</font></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2"><br>
	(361) 883-5591<br>
  </font>
  </b><font size="1">(Registrant's Telephone Number, Including Area Code)<br>
&nbsp;</font></p>

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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">N/A<br>
  </font>
  </b><font size="1">(Former Name
  or Former Address, if Changed Since Last Report)<br>
&nbsp;</font></p>

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	<font size="2">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 (<i>see </i>General
  Instruction A.2. below):<br>
&nbsp;</font></p>

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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)</font></p>
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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a-12)</font></p>
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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Pre-commencement communications pursuant to Rule
  14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Pre-commencement communications pursuant to Rule
  13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p class=MsoNormal><b><font size="2">ITEM 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ENTRY
INTO A MATERIAL DEFINITIVE AGREEMENT</u>.</font></b></p>



<p class=MsoNormal style='text-align:justify'><b><u><font size="2">Amended US Credit Agreement with Bank of America</font></u></b><font size="2">:</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">On
April 30, 2009, TOR Minerals International, Inc. (the &quot;Company&quot;, &quot;Borrower&quot;)
amended its current Credit Agreement with Bank of America, N.A. (the &quot;Bank&quot;).&nbsp;
As reported in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 10, 2009, on March 5, 2009, the Bank
notified the Company of its decision to terminate the existing Credit Agreement
with the Company and require the Company to pay off all outstanding
indebtedness to the Bank by April 1, 2009. &nbsp;Under the terms of an&nbsp; amendment
and forbearance agreement (the &quot;Credit Agreement Amendment&quot;) entered into on
April 30, 2009, the maturity date for the Company's Credit Agreement was
extended from April 1, 2009 to October 1, 2009.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company's Credit Agreement with the Bank consists of the following:</font></p>



<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Line of Credit, secured by the
accounts receivable and inventory of the Company's US operation, in the amount
of $2,500,000 of which $1,850,000 was outstanding at April 30, 2009;</font></p>



<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Real Estate Term Loan, secured by
the real estate of the Company's US operation, in the amount of $539,000; and</font></p>



<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Term Loan, secured by the
property, plant, equipment, accounts receivable and inventory of the Company's
US operation, in the amount of $308,333.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">Under
the terms of the Credit Agreement Amendment, the stated maturity of all debt
arising under the Credit Agreement is October 1, 2009, at which time all the
debt becomes due and payable.&nbsp; Provided the Company complies with the terms of
the Credit Agreement, as amended, the Bank has agreed to forebear the exercise
of its rights and remedies under the Credit Agreement that arose by reason of
certain defaults occurring prior to such amendments.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">In
addition, in accordance with the Credit Agreement Amendment,&nbsp;&nbsp; amendments were
made to the Credit Agreement to modify the financial ratios required to be
maintained by the Company, as follows:</font></p>



<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>
<font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company's&nbsp; ratio of current
assets to current liabilities has been modified to change the current ratio
from&nbsp; previously requiring current assets to current liabilities from at least
1.7 to 1.0 to now requiring a ratio of current assets to current liabilities of
at least 1.0 to 1.0.</font></p>



<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>
<font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;The fixed charge coverage ratio
previously required the Company to maintain a fixed charge coverage ratio of
1.25 to 1.0, and the fixed charge coverage ratio has been amended to read as
follows:</font></p>



<p class=MsoNormal style='margin-top:0in;margin-right:.5in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify'><font size="2">&quot;<b>Fixed Charge Coverage Ratio</b>.&nbsp; Borrower agrees
to maintain a Fixed Charge Coverage Ratio, on the basis of its US operations,
of at least 0.85 to 1.0.&nbsp; &quot;<b><i>Fixed Charge Coverage Ratio</i></b>&quot; means the
ratio of (a) the <i>sum</i> of EBITDA <i>minus</i> the sum of taxes, dividends
and maintenance capital expenditures, to (b) the <i>sum</i> of interest
expense, the current portion of long term debt (excluding any balloon principal
payment due to Lender on October 1, 2009), and the current portion of
capitalized lease obligations.&quot;</font></p>



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<font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions of the Credit
Agreement requiring the Company to maintain a specified ratio of funded debt to
its earnings before interest, taxes, depreciation and amortization has been
eliminated.</font></p>



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<p class=MsoNormal style='text-align:justify'><font size="2">In
consideration of the agreements with the Bank contained&nbsp; in the amendment, the Company has agreed to use all
proceeds in excess of $1 million that it receives on or after May 1, 2009 from
the issuance of any of its capital stock, from capital contributions in respect
of its capital stock, from the issuance of Debentures or from the incurrence of
permitted subordinated indebtedness (as defined in the Credit Agreement) to
prepay the loans and other obligations under the Credit Agreement, in such order and in such manner as the Bank may
elect in its sole discretion.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company is working to establish a corporate lending relationship with a new
financial institution for the Company's US operations prior to October 1, 2009,
the revised maturity date under the Credit Agreement, to permit the Company to
refinance its outstanding debt with the Bank prior to its stated maturity.&nbsp; In
addition, the Company's Board of Directors has authorized the issuance of up to
$4 million of Convertible Subordinated Debentures (the &quot;Debentures&quot;) for the
purpose of refinancing its debt to the Bank and general corporate purposes.&nbsp;
However, there can be no assurance that the Company will be able to
successfully refinance the debt or sell any material part of the Debentures.&nbsp;
If the Company is unable to refinance the debt due to the Bank prior to its
stated maturity or if the Company defaults under the terms of the Credit
Agreements prior to its stated maturity and the Bank were to accelerate the
maturity of such indebtedness, the Company does not have sufficient liquidity
to pay off the indebtedness owed to the Bank, and the Bank would be entitled to
exercise all of its rights and remedies as a secured lender under the Credit
Agreement.</font></p>



<p class=MsoNormal style='text-align:justify'><b><u><font size="2">Issuance of Convertible Subordinated Debentures</font></u></b><font size="2">:</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company entered into subscription agreements on May 4, 2009, pursuant to which
it sold Units (the &quot;Units&quot;) to certain of its related parties, each Unit
consisting of an aggregate principal amount of $25,000 of its six-percent (6%)
Convertible Subordinated Debentures, due May 4, 2016. The Company received
gross proceeds of $1 million from its sale of the Units.&nbsp; The Debentures are
subordinated in right of payment to the prior payment of the Company's
indebtedness due to the Bank, as described below. </font> </p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Debentures comprising a Unit are convertible into 47,170 shares (the &quot;Debenture
Shares&quot;) of the Company's common stock, par value $0.25 per share (the &quot;Common
Stock&quot;), subject to adjustments for certain events, at an initial conversion
price of $0.53 per share.&nbsp; The closing bid price of the Common Stock on the
NASDAQ Capital Market on the trading day immediately preceding the date of the
Debentures was $0.29 per share.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">In
addition, the Company also issued to each subscriber of a Unit warrants (the
&quot;Warrants&quot; and together with the Debentures, the &quot;Securities&quot;) to purchase
47,170 shares of Common Stock.&nbsp; The Warrants may be exercised in whole or in
part at any time or from time to time only after the Company obtains
shareholder approval for the issuance of shares upon exercise of the Warrant and
on or before the seven year anniversary of the date hereof, unless otherwise
extended.&nbsp; If such shareholder approval is not obtained, the Warrant shall
remain non-exercisable.&nbsp; The initial exercise price of the Warrants is $0.53.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Securities were issued to the following:</font></p>



<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20 Units - Issued to the Company's
Chairman, Bernard Paulson, a 21.4% shareholder, through Paulson Ranch, Ltd.,
for an aggregate purchase price of $500,000;</font></p>

<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10 Units - Issued to the Company's
Director, David Hartman, an 11.1% shareholder, through the D and CH Trust, for
an aggregate purchase price of $250,000; and</font></p>

<p class=MsoNormal style='margin-left:27.0pt;text-align:justify;text-indent:
-.25in'><font size="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10 Units - Issued to the Company's
Director, Douglas Hartman, an 11.1% shareholder, through the Douglas MacDonald
Hartman Family Irrevocable Trust, for an aggregate purchase price of $250,000.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company will pay interest on the Debentures at the per annum rate of 6%, which
will be paid quarterly.&nbsp; The Company will make annual payments of principal
beginning May 4, 2012 in the amount of one-sixteenth of the original principal
amount of the Debentures, with the remaining outstanding principal balance and
all accrued and unpaid interest to be paid on May 4, 2016, the maturity date of
the Debentures.&nbsp; The Company may prepay the Debentures, in whole or in part,
upon 30 days prior notice to the holders thereof if certain conditions are
satisfied.</font></p>



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<p class=MsoNormal style='text-align:justify'><b><u><font size="2">Subordination Agreement</font></u></b><font size="2">:</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company executed a subordination agreement (the &quot;Subordination Agreement&quot;),
effective May 4, 2009, by and among Paulson Ranch, Ltd., a Texas limited partnership
(&quot;PRL&quot;), David A. Hartman, as trustee of The D and CH Trust, a trust organized
under the laws of the State of Texas (&quot;DCH&quot;), Douglas M. Hartman, as trustee of
The Douglas MacDonald Hartman Family Irrevocable Trust, a trust organized under
the laws of the State of Texas (&quot;DMH&quot; and collectively, with PRL and DCH, the
&quot;Subordinated Lenders&quot; and each a &quot;Subordinated Lender&quot;) each of which is a
purchaser of the Units described above, and the Bank. </font> </p>



<p class=MsoNormal style='text-align:justify'><font size="2">Under
the terms of the Subordination Agreement, any payment or distribution in
respect of the Debentures is and shall be expressly junior and subordinated in
right of payment to all amounts due and owing to the Bank from time to time,
and the Subordinated Lenders may not receive or accept any payment with respect
to the Debentures.&nbsp; However, if no default exists under the Credit Agreement,
the Company may pay, and the Subordinated Lenders may receive, regularly
scheduled payments of interest in respect of the Debentures, in each case as
set out in the Debentures on the date of the Agreement.&nbsp; In addition, the
Debentures shall be unsecured in all respects and the Company may not incur,
grant, or permit to exist any liens on any of its assets to secure all or any
portion of the Debentures.</font></p>





<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b>
<font size="2">ITEM 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CREATION OF A DIRECT
FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF
A REGISTRANT</u>.</font></b></p>



<p class=MsoNormal style='text-align:justify'><font size="2">See
our discussion in Item 1.01 with respect to the Company's amended Credit
Agreement with Bank of America and the Company's issuance of its 6% Convertible
Subordinated Debentures due May 4, 2009, which is incorporated herein by
reference.</font></p>





<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b>
<font size="2">ITEM 3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> <u><font size="2">UNREGISTERED SALES OF EQUITY
SECURITIES.</font></u></b></p>



<p class=MsoNormal style='text-align:justify'><font size="2">See
our discussion in Item 1.01 with respect to the Company's issuance of 6%
Convertible Subordinated Debentures due May 4, 2016 and the Warrants, which is
incorporated herein by reference. &nbsp;The Securities were issued in reliance on
the exemption from registration provided by Section 4(2) under the Securities
Act of 1933, as amended, and Regulation D promulgated thereunder, based on the
private sale of the Securities to &quot;accredited investors&quot; (as such term is
defined under Regulation D).</font></p>





<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="100%" valign=top style='width:100.0%;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoFooter align=center style='text-align:center'><font size="2">4</font></p>
  </td>
 </tr>
</table>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<font size="2">



<br clear=all
style='page-break-before:always'>










</font>










<p class=MsoNormal style='text-align:justify'><b><font size="2">ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> <u><font size="2">FINANCIAL STATEMENTS AND
EXHIBITS</font></u></b></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(a)</font></p>
  </td>
  <td width="91%" colspan=3 valign=top style='width:91.24%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Financial
  Statements of Businesses Acquired.<br>
  Not applicable.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(b)</font></p>
  </td>
  <td width="91%" colspan=3 valign=top style='width:91.24%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Pro
  Forma Financial Information.<br>
  Not applicable.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(c)</font></p>
  </td>
  <td width="91%" colspan=3 valign=top style='width:91.24%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Shell company transaction<br>
  Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(d)</font></p>
  </td>
  <td width="91%" colspan=3 valign=top style='width:91.24%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Exhibits.<br>
  The following exhibit is furnished in accordance with the provisions of Item
  601 of Regulation S-B:</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Exhibit<br>
  </font>
  <u><font size="2">Number</font></u></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2"><br>
  </font>
  <u><font size="2">Description</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.1</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Eight Amendment to Second
  Amended and Restated Loan Agreement
  and Forbearance Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.2</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.3</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.4</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.5</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.6</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.7</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.8</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.9</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.10</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">10.11</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Subordination
  Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign=top style='width:8.76%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="14%" valign=top style='width:14.94%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">99.1</font></p>
  </td>
  <td width="76%" colspan=2 valign=top style='width:76.3%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Press
  Release issued May 6, 2009 announcing the amendment to the loan agreement
  and the sale of convertible subordinated debentures</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=4 valign=top style='width:100.0%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width="100%" colspan=4 valign=top style='width:100.0%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">SIGNATURES</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=4 valign=top style='width:100.0%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width="100%" colspan=4 valign=top style='width:100.0%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">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.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=4 valign=top style='width:100.0%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width="34%" colspan=3 valign=top style='width:34.4%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="65%" valign=top style='width:65.6%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">TOR MINERALS INTERNATIONAL, INC.<br>
  <b>_____________________<br>
  </b>(Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" colspan=3 valign=top style='width:34.4%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="65%" valign=top style='width:65.6%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width="34%" colspan=3 valign=top style='width:34.4%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="65%" valign=top style='width:65.6%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width="34%" colspan=3 valign=top style='width:34.4%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Date:&nbsp; May 6, 2009</font></p>
  </td>
  <td width="65%" valign=top style='width:65.6%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><u>
	<font size="2">/s/ BARBARA RUSSELL</font></u></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" colspan=3 valign=top style='width:34.4%;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width="65%" valign=top style='width:65.6%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">Barbara Russell<br>
  Acting Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr height=0>
  <td width=66 style='border:none'></td>
  <td width=112 style='border:none'></td>
  <td width=80 style='border:none'></td>
  <td width=491 style='border:none'></td>
 </tr>
</table>



<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="100%" valign=top style='width:100.0%;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoFooter align=center style='text-align:center'><font size="2">5</font></p>
  </td>
 </tr>
</table>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<font size="2">



<br clear=all
style='page-break-before:always'>










</font>










<p class=MsoNormal align=center style='text-align:center'><b><font size="2">EXHIBIT INDEX</font></b></p>



<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><b><font size="2">Exhibit No.</font></b></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><b><font size="2">Description</font></b></p>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.1</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Eight Amendment to Second
  Amended and Restated Loan Agreement
  and Forbearance Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.2</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.3</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.4</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, Paulson Ranch, Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.5</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.6</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.7</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, D and CH Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.8</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Subscription Agreement, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.9</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of 6% Convertible Subordinated Debenture, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.10</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Form
  of Warrant, Douglas MacDonald Hartman
  Family Irrevocable Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">10.11</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Subordination
  Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign=top style='width:16.16%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:.3in'><font size="2">99.1</font></p>
  </td>
  <td width="83%" valign=top style='width:83.84%;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Press
  Release issued May 6, 2009 announcing the amendment to the loan agreement
  and the sale of convertible subordinated debentures</font></p>
  </td>
 </tr>
</table>

</div>



<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="100%" valign=top style='width:100.0%;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoFooter align=center style='text-align:center'><font size="2">6</font></p>
  </td>
 </tr>
</table>



<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>







</body>

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{"company-data": {"conformed-name": "TOR MINERALS INTERNATIONAL INC", "cik": "0000842295", "assigned-sic": "2810", "irs-number": "742081929", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17321", "film-number": "09800303"}, "business-address": {"street1": "722 BURLESON", "city": "CORPUS CHRISTI", "state": "TX", "zip": "78402", "phone": "3618825175"}, "mail-address": {"street1": "722 BURLESON", "city": "CORPUS CHRISTI", "state": "TX", "zip": "78402"}, "former-company": {"former-conformed-name": "HITOX CORPORATION OF AMERICA", "date-changed": "19920703"}}
Form 8K, Amended Credit Agreement and Convertible Subordinated Debentures
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
  30, 2009
TOR Minerals International,
  Inc.
(Exact Name of Registrant as
  Specified in Its Charter)
Delaware
(State or
  Other Jurisdiction of Incorporation)
0-17321
(Commission
  File Number)
722 Burleson Street
Corpus Christi, Texas
(Address of Principal Executive
  Offices)
74-2081929
(IRS Employer
  Identification No.)
78402
(Zip Code)
(361) 883-5591
(Registrant's Telephone Number, Including Area Code)
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))
1
ITEM 1.01
ENTRY
INTO A MATERIAL DEFINITIVE AGREEMENT
.
Amended US Credit Agreement with Bank of America
:
On
April 30, 2009, TOR Minerals International, Inc. (the "Company", "Borrower")
amended its current Credit Agreement with Bank of America, N.A. (the "Bank"). 
As reported in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 10, 2009, on March 5, 2009, the Bank
notified the Company of its decision to terminate the existing Credit Agreement
with the Company and require the Company to pay off all outstanding
indebtedness to the Bank by April 1, 2009.  Under the terms of an  amendment
and forbearance agreement (the "Credit Agreement Amendment") entered into on
April 30, 2009, the maturity date for the Company's Credit Agreement was
extended from April 1, 2009 to October 1, 2009.
The
Company's Credit Agreement with the Bank consists of the following:
•        
Line of Credit, secured by the
accounts receivable and inventory of the Company's US operation, in the amount
of $2,500,000 of which $1,850,000 was outstanding at April 30, 2009;
•        
Real Estate Term Loan, secured by
the real estate of the Company's US operation, in the amount of $539,000; and
•        
Term Loan, secured by the
property, plant, equipment, accounts receivable and inventory of the Company's
US operation, in the amount of $308,333.
Under
the terms of the Credit Agreement Amendment, the stated maturity of all debt
arising under the Credit Agreement is October 1, 2009, at which time all the
debt becomes due and payable.  Provided the Company complies with the terms of
the Credit Agreement, as amended, the Bank has agreed to forebear the exercise
of its rights and remedies under the Credit Agreement that arose by reason of
certain defaults occurring prior to such amendments.
In
addition, in accordance with the Credit Agreement Amendment,   amendments were
made to the Credit Agreement to modify the financial ratios required to be
maintained by the Company, as follows:
1.       
The Company's  ratio of current
assets to current liabilities has been modified to change the current ratio
from  previously requiring current assets to current liabilities from at least
1.7 to 1.0 to now requiring a ratio of current assets to current liabilities of
at least 1.0 to 1.0.
2.       
 The fixed charge coverage ratio
previously required the Company to maintain a fixed charge coverage ratio of
1.25 to 1.0, and the fixed charge coverage ratio has been amended to read as
follows:
"
Fixed Charge Coverage Ratio
.  Borrower agrees
to maintain a Fixed Charge Coverage Ratio, on the basis of its US operations,
of at least 0.85 to 1.0.  "
Fixed Charge Coverage Ratio
" means the
ratio of (a) the
sum
of EBITDA
minus
the sum of taxes, dividends
and maintenance capital expenditures, to (b) the
sum
of interest
expense, the current portion of long term debt (excluding any balloon principal
payment due to Lender on October 1, 2009), and the current portion of
capitalized lease obligations."
3.       
The provisions of the Credit
Agreement requiring the Company to maintain a specified ratio of funded debt to
its earnings before interest, taxes, depreciation and amortization has been
eliminated.
2
In
consideration of the agreements with the Bank contained  in the amendment, the Company has agreed to use all
proceeds in excess of $1 million that it receives on or after May 1, 2009 from
the issuance of any of its capital stock, from capital contributions in respect
of its capital stock, from the issuance of Debentures or from the incurrence of
permitted subordinated indebtedness (as defined in the Credit Agreement) to
prepay the loans and other obligations under the Credit Agreement, in such order and in such manner as the Bank may
elect in its sole discretion.
The
Company is working to establish a corporate lending relationship with a new
financial institution for the Company's US operations prior to October 1, 2009,
the revised maturity date under the Credit Agreement, to permit the Company to
refinance its outstanding debt with the Bank prior to its stated maturity.  In
addition, the Company's Board of Directors has authorized the issuance of up to
$4 million of Convertible Subordinated Debentures (the "Debentures") for the
purpose of refinancing its debt to the Bank and general corporate purposes. 
However, there can be no assurance that the Company will be able to
successfully refinance the debt or sell any material part of the Debentures. 
If the Company is unable to refinance the debt due to the Bank prior to its
stated maturity or if the Company defaults under the terms of the Credit
Agreements prior to its stated maturity and the Bank were to accelerate the
maturity of such indebtedness, the Company does not have sufficient liquidity
to pay off the indebtedness owed to the Bank, and the Bank would be entitled to
exercise all of its rights and remedies as a secured lender under the Credit
Agreement.
Issuance of Convertible Subordinated Debentures
:
The
Company entered into subscription agreements on May 4, 2009, pursuant to which
it sold Units (the "Units") to certain of its related parties, each Unit
consisting of an aggregate principal amount of $25,000 of its six-percent (6%)
Convertible Subordinated Debentures, due May 4, 2016. The Company received
gross proceeds of $1 million from its sale of the Units.  The Debentures are
subordinated in right of payment to the prior payment of the Company's
indebtedness due to the Bank, as described below.
The
Debentures comprising a Unit are convertible into 47,170 shares (the "Debenture
Shares") of the Company's common stock, par value $0.25 per share (the "Common
Stock"), subject to adjustments for certain events, at an initial conversion
price of $0.53 per share.  The closing bid price of the Common Stock on the
NASDAQ Capital Market on the trading day immediately preceding the date of the
Debentures was $0.29 per share.
In
addition, the Company also issued to each subscriber of a Unit warrants (the
"Warrants" and together with the Debentures, the "Securities") to purchase
47,170 shares of Common Stock.  The Warrants may be exercised in whole or in
part at any time or from time to time only after the Company obtains
shareholder approval for the issuance of shares upon exercise of the Warrant and
on or before the seven year anniversary of the date hereof, unless otherwise
extended.  If such shareholder approval is not obtained, the Warrant shall
remain non-exercisable.  The initial exercise price of the Warrants is $0.53.
The
Securities were issued to the following:
•        
20 Units - Issued to the Company's
Chairman, Bernard Paulson, a 21.4% shareholder, through Paulson Ranch, Ltd.,
for an aggregate purchase price of $500,000;
•        
10 Units - Issued to the Company's
Director, David Hartman, an 11.1% shareholder, through the D and CH Trust, for
an aggregate purchase price of $250,000; and
•        
10 Units - Issued to the Company's
Director, Douglas Hartman, an 11.1% shareholder, through the Douglas MacDonald
Hartman Family Irrevocable Trust, for an aggregate purchase price of $250,000.
The
Company will pay interest on the Debentures at the per annum rate of 6%, which
will be paid quarterly.  The Company will make annual payments of principal
beginning May 4, 2012 in the amount of one-sixteenth of the original principal
amount of the Debentures, with the remaining outstanding principal balance and
all accrued and unpaid interest to be paid on May 4, 2016, the maturity date of
the Debentures.  The Company may prepay the Debentures, in whole or in part,
upon 30 days prior notice to the holders thereof if certain conditions are
satisfied.
3
Subordination Agreement
:
The
Company executed a subordination agreement (the "Subordination Agreement"),
effective May 4, 2009, by and among Paulson Ranch, Ltd., a Texas limited partnership
("PRL"), David A. Hartman, as trustee of The D and CH Trust, a trust organized
under the laws of the State of Texas ("DCH"), Douglas M. Hartman, as trustee of
The Douglas MacDonald Hartman Family Irrevocable Trust, a trust organized under
the laws of the State of Texas ("DMH" and collectively, with PRL and DCH, the
"Subordinated Lenders" and each a "Subordinated Lender") each of which is a
purchaser of the Units described above, and the Bank.
Under
the terms of the Subordination Agreement, any payment or distribution in
respect of the Debentures is and shall be expressly junior and subordinated in
right of payment to all amounts due and owing to the Bank from time to time,
and the Subordinated Lenders may not receive or accept any payment with respect
to the Debentures.  However, if no default exists under the Credit Agreement,
the Company may pay, and the Subordinated Lenders may receive, regularly
scheduled payments of interest in respect of the Debentures, in each case as
set out in the Debentures on the date of the Agreement.  In addition, the
Debentures shall be unsecured in all respects and the Company may not incur,
grant, or permit to exist any liens on any of its assets to secure all or any
portion of the Debentures.
ITEM 2.03
CREATION OF A DIRECT
FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF
A REGISTRANT
.
See
our discussion in Item 1.01 with respect to the Company's amended Credit
Agreement with Bank of America and the Company's issuance of its 6% Convertible
Subordinated Debentures due May 4, 2009, which is incorporated herein by
reference.
ITEM 3.02
UNREGISTERED SALES OF EQUITY
SECURITIES.
See
our discussion in Item 1.01 with respect to the Company's issuance of 6%
Convertible Subordinated Debentures due May 4, 2016 and the Warrants, which is
incorporated herein by reference.  The Securities were issued in reliance on
the exemption from registration provided by Section 4(2) under the Securities
Act of 1933, as amended, and Regulation D promulgated thereunder, based on the
private sale of the Securities to "accredited investors" (as such term is
defined under Regulation D).
4
ITEM 9.01
FINANCIAL STATEMENTS AND
EXHIBITS
(a)
Financial
  Statements of Businesses Acquired.
Not applicable.
(b)
Pro
  Forma Financial Information.
Not applicable.
(c)
Shell company transaction
Not applicable
(d)
Exhibits.
The following exhibit is furnished in accordance with the provisions of Item
  601 of Regulation S-B:
Exhibit
Number
Description
10.1
Eight Amendment to Second
  Amended and Restated Loan Agreement
  and Forbearance Agreement
10.2
Form
  of Subscription Agreement, Paulson Ranch, Ltd.
10.3
Form
  of 6% Convertible Subordinated Debenture, Paulson Ranch, Ltd.
10.4
Form
  of Warrant, Paulson Ranch, Ltd.
10.5
Form
  of Subscription Agreement, D and CH Trust
10.6
Form
  of 6% Convertible Subordinated Debenture, D and CH Trust
10.7
Form
  of Warrant, D and CH Trust
10.8
Form
  of Subscription Agreement, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.9
Form
  of 6% Convertible Subordinated Debenture, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.10
Form
  of Warrant, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.11
Subordination
  Agreement
99.1
Press
  Release issued May 6, 2009 announcing the amendment to the loan agreement
  and the sale of convertible subordinated debentures
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.
TOR MINERALS INTERNATIONAL, INC.
_____________________
(Registrant)
Date:  May 6, 2009
/s/ BARBARA RUSSELL
Barbara Russell
Acting Chief Financial Officer
5
EXHIBIT INDEX
Exhibit No.
Description
10.1
Eight Amendment to Second
  Amended and Restated Loan Agreement
  and Forbearance Agreement
10.2
Form
  of Subscription Agreement, Paulson Ranch, Ltd.
10.3
Form
  of 6% Convertible Subordinated Debenture, Paulson Ranch, Ltd.
10.4
Form
  of Warrant, Paulson Ranch, Ltd.
10.5
Form
  of Subscription Agreement, D and CH Trust
10.6
Form
  of 6% Convertible Subordinated Debenture, D and CH Trust
10.7
Form
  of Warrant, D and CH Trust
10.8
Form
  of Subscription Agreement, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.9
Form
  of 6% Convertible Subordinated Debenture, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.10
Form
  of Warrant, Douglas MacDonald Hartman
  Family Irrevocable Trust
10.11
Subordination
  Agreement
99.1
Press
  Release issued May 6, 2009 announcing the amendment to the loan agreement
  and the sale of convertible subordinated debentures
6