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SKUL > SEC Filings for SKUL > Form 8-K on 31-Oct-2011All Recent SEC Filings

Show all filings for SKULLCANDY, INC.



Entry into a Material Definitive Agreement, Creation of a Direct Financial Oblig

Item 1.01 Entry into a Material Definitive Agreement

On October 25, 2011, Skullcandy, Inc. (the "Company") and AG Acquisition Corporation (together with the Company, the "Borrowers") entered into a First Amendment and Waiver to Revolving Credit and Security Agreement (the "Amendment"), with the financial institutions thereto (the "Lenders"), UPS Capital Corporation, as foreign collateral agent for the Lenders and PNC Bank, National Association, as administrative agent for the Lenders. The Amendment amended that certain Revolving Credit and Security Agreement, dated August 31, 2010, between the parties thereto.

The Amendment, among other things, provides for:

a waiver of certain defaults related to the Borrowers' compliance with their capital expenditure covenants;

an increase in the permitted aggregate annual capital expenditures of the Borrowers to $6,000,000;

the reduction of the interest rate margins applicable to loans by 0.5-1.5% depending on the index rate applicable thereto; and

permitting the Borrowers to enter into foreign exchange contracts.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.


Item 9.01

(d) Exhibits

10.1    First Amendment and Waiver to Revolving Credit and Security Agreement,
        dated October 25, 2011, by and among Skullcandy, Inc., AG Acquisition
        Corporation, the financial institutions thereto, UPS Capital Corporation
        and PNC Bank, Nation Association.

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