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| FSYS > SEC Filings for FSYS > Form 8-K on 17-Jul-2009 | All Recent SEC Filings |
17-Jul-2009
Creation of a Direct Financial Obligation or an Obligation under an
Committed Credit Facility with Intesa Sanpaolo S.p.A.
On July 10, 2009, Fuel Systems Solutions, Inc. (the "Company") and its subsidiary IMPCO Technologies, Inc. ("IMPCO") converted its existing uncommitted, unsecured, revolving short-term credit facility ("Credit Facility") with the New York branch of Intesa Sanpaolo S.p.A bank ("Intesa") which was entered into on December 17, 2008 into a committed, unsecured, revolving credit facility. IMPCO intends to use the borrowings from the Credit Facility for its general corporate purposes and Fuel Systems guarantees IMPCO's payments under the Credit Facility, but does not currently intend to use any of the funds for its own purposes.
The maximum aggregate principal amount of loans outstanding at any time under the Credit Facility is $13.0 million and the maturity date for the agreement is April 30, 2014. At the Company's option, the loans will bear interest on either the applicable LIBOR rate plus 2.0%, the bank's prime rate plus 1.0% or the bank's cost of funds rate plus 2.0%. The bank's prime rate is a floating interest rate that may change as often as once a day. If any amounts under a loan remain outstanding after the loan's maturity date, such amounts will bear interest at the bank's prime rate plus 2.0%. In addition, the Credit Facility carries a commitment fee of 0.50% of the average daily unused amount. The Credit Facility also includes financial covenants regarding the Company's ratio of net debt to EBITDA, consolidated net worth and aggregate debt level.
The Company would like to clarify that the Company's board of directors has set the date and time of the 2009 annual meeting of stockholders as August 27, 2009 at 9:30 a.m. at the offices of Day Pitney LLP, 7 Times Square, 20th floor, New York, New York 10036. The record date for the annual meeting of stockholders has been set for June 30, 2009.
(d) Exhibits
10.1 Committed Credit Facility dated July 10, 2009 between Fuel Systems Solutions, Inc./IMPCO Technologies, Inc. and Intesa Sanpaolo S.p.A.
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