Summary of LANDAUER INC - Yahoo! Finance

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On June 17, 2009, Landauer, Inc. (the "Company") executed a first amendment (the "Amendment") to its loan agreement with U.S. Bank National Association ("U.S. Bank" or the "Bank"). This amendment of the original loan agreement, dated October 5, 2007, among other things:

. Increased the aggregate amount of funds available to the Company under its credit facility with U.S. Bank from $15.0 million to $30.0 million; subject, with respect to amounts borrowed in excess of $20.0 million, to a borrowing base test.

. Extended the maturity date to June 16, 2011.

. Deleted the tangible net worth covenant of the original loan agreement and replaced with the requirement to maintain a fixed charge coverage ratio (as calculated pursuant to the terms of the Amendment) as of the end of each calendar quarter of not less than 1.35 to 1.00.

. Changed the required funded debt to EBITDA ratio to be less than or equal to 1.5 to 1.00.

. Modified the manner in which the interest rate on outstanding amounts would be determined. The Amendment continues to permit the Company to elect to pay an annualized interest rate based on either LIBOR or the Bank's prime rate. For rates that are based on LIBOR, the Amendment increased the rate from LIBOR plus 1% to LIBOR plus 2.9%. For rates that are based on the Bank's prime rate, the Amendment increased the rate from prime minus 0.5% to prime plus 0.47%.

. Increased the fee for outstanding letters of credit from an annualized rate of 1% of the face amount of the letter of credit to an annualized rate of 1.9% of the face amount of the letter of credit.

The foregoing summary of the material terms of the Amendment is qualified in its entirety by the complete terms and conditions of the Amendment, which is attached as Exhibit 10.1 hereto and incorporated herein by reference. The foregoing summary may not contain all of the information about the Amendment that is important to you.