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| NVLS > SEC Filings for NVLS > Form 8-K on 23-Jun-2009 | All Recent SEC Filings |
23-Jun-2009
Entry into a Material Definitive Agreement, Termination of a Material Defini
Effective as of June 17, 2009, Novellus Systems, Inc. (the "Company") entered into a Credit Agreement (the "Agreement") with Bank of America, N.A. (the "Lender").
The Agreement establishes a secured credit line with an aggregate committed maximum amount of EU €80,000,000.
The Agreement contains customary affirmative and negative covenants, financial covenants, representations and warranties, and events of default, which are subject to various exceptions and qualifications.
The proceeds of the loan are expected to be used to retire Novellus Systems B.V.'s and NHL Sub GmbH's (each a wholly-owned subsidiary of the Company) current credit facility with JPMorgan Chase Bank, as Administrative Agent ("JPMorgan"), of which the Company is guarantor, dated June 25, 2004 (the "JPMorgan Credit Agreement"). The JPMorgan Credit Agreement was used to fund the Company's acquisition of Peter Wolters AG in June of 2004.
On June 22, 2009, Novellus Systems B.V. and NHL Sub GmbH terminated the JPMorgan Credit Agreement. The terminated JPMorgan Credit Agreement established a secured credit line with an aggregate committed maximum amount of EU €127,500,000. As of June 22, 2009, the outstanding balance under the JPMorgan Credit Agreement was EU €79,517,313. The JPMorgan credit facility would have matured on June 25, 2009. In connection with the early termination of the JPMorgan Credit Agreement, neither the Company nor Novellus Systems, B.V. and NHL Sub GmbH will incur any penalties. In connection with the termination of the JPMorgan Credit Agreement, JPMorgan released the Company from the Guarantee and Collateral Agreement dated June 25, 2004 in favor of JPMorgan.
Additionally, the Company has terminated its credit agreement with certain lenders led by Bank of America, N.A. as Administrative Agent dated December 26, 2006. At the time such credit agreement was terminated, there was no outstanding balance. The Company did not incur any penalties associated with the termination of the credit agreement.
(a) As described in Item 1.01 above, which is hereby incorporated by reference into this Item 2.03, on June 17, 2009, the Company became obligated on a material direct financial obligation.
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