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FNSR > SEC Filings for FNSR > Form 8-K on 23-Oct-2012All Recent SEC Filings

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Form 8-K for FINISAR CORP


23-Oct-2012

Termination of a Material Definitive Agreement


Item 1.02 Termination of a Material Definitive Agreement

On October 17, 2012, Finisar Corporation (the "Company") gave notice of its voluntary early termination of the Credit Agreement dated October 2, 2009 by and among the Company, Optium Corporation and Wells Fargo Foothill, LLC, as amended (the "Credit Agreement"), to be effective October 31, 2012. The Company will not incur any material termination penalties as a result of the early termination of the Credit Agreement. The Company also maintains operating accounts with Wells Fargo, which will not be affected by the termination of the Credit Agreement. The Credit Agreement provides for a $70 million revolving credit facility. Approximately $3.4 million in letters of credit and no borrowings are currently outstanding under the Credit Agreement. The Company determined to exercise its right to terminate the Credit Agreement early because it has no current need for the facility, the Credit Agreement was scheduled to terminate by its terms in approximately one year, and it believes that, in the event the Company were to require additional financing during this period, it will be able to obtain financing on reasonable terms from other sources.

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