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UDRL > SEC Filings for UDRL > Form 8-K on 31-Jul-2008All Recent SEC Filings

Show all filings for UNION DRILLING INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for UNION DRILLING INC


31-Jul-2008

Entry into a Material Definitive Agreement, Results of Operations and Financia


Item 1.01. Entry into a Material Definitive Agreement.

On July 29, 2008, Union Drilling, Inc. (the "Company") entered into the sixth amendment (the "Amendment") to its Revolving Credit and Security Agreement dated March 31, 2005 (the "Agreement") with PNC Bank, National Association, acting as lender and agent to the other lenders specified in the Agreement. Unless modified by the Amendment, all other terms of the Agreement, as modified by the five previous amendments thereto, remain in full force and effect.

In addition to other less substantive modifications, the Amendment provides:

• that the Company may, subject to certain conditions, repurchase its common stock and/or pay a cash dividend;

• for an amendment, effective as of June 30, 2008, to the Capital Expenditure covenant;

• for the elimination, after June 30, 2008, of the annual dollar limitation under the Capital Expenditure covenant; and

• for a revision to the Fixed Charge Coverage Ratio calculation.

The summary above does not purport to be complete and is qualified in its entirety by reference to the actual text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K (being incorporated herein by reference).



Item 2.02. Results of Operations and Financial Condition.

On July 31, 2008, the Company issued a press release announcing its financial results for the quarter ended June 30, 2008. A copy of this press release is attached as Exhibit 99.1 and the information contained therein is incorporated herein by reference.

The information in Item 2.02 of this Current Report (including the attached exhibit) is being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document filed by the Company pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.   Description
10.1          Sixth Amendment to Revolving Credit and Security Agreement dated July
              29, 2008 between Union Drilling, Inc. and PNC Bank, National
              Association, for itself and for the other lenders.

99.1          Earnings news release issued by Union Drilling, Inc. on July 31, 2008.


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