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| DCO > SEC Filings for DCO > Form 8-K on 30-Jun-2009 | All Recent SEC Filings |
30-Jun-2009
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli
On June 26, 2009 Ducommun Incorporated (the "Company") entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, Well Fargo Bank, National Association, as Syndication Agent, Union Bank, N.A., as Documentation Agent, and the lenders named therein (the "Credit Agreement"). The Credit Agreement provides for an unsecured revolving credit line of $120,000,000 maturing on June 30, 2014. Interest is payable monthly on the outstanding borrowings at Bank of America's prime rate plus a spread (1.50% to 2.00% per annum based on the leverage ratio of the Company) or, at the election of the Company, for terms of up to six months at the LIBOR rate plus a spread (2.50% to 3.00% per annum depending on the leverage ratio of the Company). The Credit Agreement includes minimum fixed charge coverage, maximum leverage and minimum net worth covenants, an unused commitment fee (0.50% to 0.60% per annum depending on the leverage ratio of the Company), and limitations on future dispositions of property, repurchases of common stock, dividends, outside indebtedness, and acquisitions. A copy of the Credit Agreement is attached hereto as Exhibit 99.1.
As of June 26, 2009, the Company had $45,800,000 of loans outstanding and $856,000 of outstanding stand-by letters of credit under the Credit Agreement. The information set forth above under Item 1.01, "Entry into a Material Definitive Agreement," is incorporated herein by reference.
(d) Exhibits
99.1 Second Amended and Restated Credit Agreement dated as of June 26, 2009 Among Ducommun Incorporated, Bank of America, N.A., as Administrative Agent Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, as Syndication Agent, Union Bank, N.A., as Documentation Agent, and the Lenders described herein.
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