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| PESI > SEC Filings for PESI > Form 8-K on 11-Mar-2009 | All Recent SEC Filings |
11-Mar-2009
Entry into a Material Definitive Agreement, Creation of a Di
On March 5, 2009, we and our subsidiaries entered into an Amendment to our Loan Agreement with PNC Bank, National Association ("PNC") as discussed under Item 2.03 below, which is incorporated herein by reference.
On March 5, 2009, we, our subsidiaries and PNC, entered into an amendment ("Amendment") to our Revolving Credit, Termination and Security Agreement ("Loan Agreement"). This Amendment increased our borrowing availability by approximately an additional $2.2 million. In addition, pursuant to the Amendment, monthly interest due on our revolving line of credit was amended from prime plus .500% to prime plus 2.00% and monthly interest due on our Term Loan was amended from prime plus 1.00% to prime plus 2.50%. The Company also has the option to pay monthly interest due on the revolving line of credit using the London Interbank Offer Rate ("LIBOR"), with the minimum floor base LIBOR rate of 2.5%, plus 3.0% and to pay monthly interest due on the Term Loan using the minimum floor base LIBOR rate of 2.5%, plus 3.50%. In addition, pursuant to the Amendment, the fixed charge coverage ratio was amended to include amounts paid to reduce the Amortizing Availability during each quarter. The Amendment also allowed our subsidiary to retain funds received from the sale of certain real estate. All other terms and conditions to the credit facility remain principally unchanged. As a condition of this Amendment, we agreed to pay PNC a fee of $25,000.
The funds made available under this Amendment were used to secure additional financial assurance needed by our subsidiary, Diversified Scientific Services, Inc. ("DSSI"), to operate under the permit issued by the Environmental Protection Agency ("EPA") on November 26, 2008, to commercially store and dispose of radioactive Polychlorinated Biphenyls ("PCBs").
(d) Exhibits.
99.1 Amendment No. 13 to Revolving Credit, Term Loan and Security Agreement, dated March 5, 2009.
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