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| MCRI > SEC Filings for MCRI > Form 8-K on 26-Jan-2009 | All Recent SEC Filings |
26-Jan-2009
Entry into a Material Definitive Agreement, Creation of a Direct Fina
On January 20, 2009, Monarch Casino & Resort, Inc. and its wholly owned subsidiary, Golden Road Motor Inn, Inc. (jointly referred to as the "Company") entered into an agreement to amend and restate (the "Amendment") the Company's existing credit facility with Wells Fargo Bank, National Association. In addition to other modifications, the amendment (i) added Bank of America, National Association and Mutual of Omaha Bank, a Federal Chartered Thrift as lenders, (ii) increased the available borrowings under the facility from $50 million to $60 million, (iii) extended the maturity date from April 18, 2009 to January 20, 2012, (iv) modified the interest rate and (v) modified certain covenants.
The interest rate under the Amendment increased to LIBOR, or Base Rate (as defined in the Amendment), plus a margin ranging from 2.00% to 3.375% determined quarterly based on the Company's Total Leverage Ratio (as defined in the Amendment). This margin ranged from 1.00% to 1.75% before the effective date of the Amendment. Additionally, among other covenant modifications, the Amendment established the requirement of minimum Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) on a two-quarter rolling basis.
The foregoing summary of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment which is included in Exhibit 10.1 and incorporated herein by reference.
The information provided under Item 1.01 above is incorporated herein by reference.
(d) Exhibits.
10.01 Amended and Restated Credit Agreement, dated as of January 20, 2009 among Golden Road Motor Inn, Inc.; Monarch Casino & Resort, Inc.; Wells Fargo Bank, National Association; Bank of America, National Association and Mutual of Omaha Bank, a Federal Chartered Thrift.
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