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| MGAM > SEC Filings for MGAM > Form 8-K on 24-Sep-2012 | All Recent SEC Filings |
24-Sep-2012
Entry into a Material Definitive Agreement, Creation of a
On September 21, 2012, Multimedia Games, Inc., a Delaware corporation, and MGAM Systems, Inc., a Delaware corporation (the "Borrowers"), direct, wholly-owned subsidiaries of Multimedia Games Holding Company, Inc., and the lenders party thereto, Comerica Bank, as administrative agent and lead arranger ("Comerica"), and Wells Fargo Bank, N.A., as syndication agent ("Wells Fargo"), entered into Amendment No. 1 ("Amendment No. 1") to Amended and Restated Credit Agreement (the "Credit Agreement") by and among Borrowers, the financial institutions who are party thereto, Comerica, and Wells Fargo, dated as of August 3, 2011.
Amendment No. 1 amends the Credit Agreement by providing that (i) letters of
credit under the Credit Agreement shall be discretionary (previously committed);
(ii) the limitation on debt to finance acquisitions and capital asset purchases
is increased to $1,000,000 (previously $500,000); (iii) limitations on capital
expenditures is increased to $60 million, with no carryover (previously $40
million with a carryover for any unused amount into the succeeding year); and
(iv) the applicable margin grid is amended for a margin reduction of 25 basis
points at both levels. In addition, certain provisions of the Amended and
Restated Security Agreement, by and among Borrowers and Comerica, dated as of
August 3, 2011, are amended in order to provide for certain provisions required
pursuant to Nevada gaming laws and regulations.
The foregoing description of Amendment No. 1 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 1 which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this report by reference.
The disclosure required by this item is included in Item 1.01 of this Current Report on Form 8-K and is incorporated herein by reference.
(d) Exhibits.
Exhibit No. Description
10.1 Amendment No.1 to Amended and Restated Credit Agreement by and among
Multimedia Games, Inc., MGAM Systems, Inc., Comerica Bank, in its
capacity as administrative agent and lead arranger, and Wells Fargo
Bank, N.A., as syndication agent, dated as of September 21, 2012.
10.2 Amendment No. 1 to Amended and Restated Security Agreement by and
among Multimedia Games, Inc., MGAM Systems, Inc., and Comerica Bank,
dated as of September 21, 2012.
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