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DAKT > SEC Filings for DAKT > Form 8-K on 14-Nov-2012All Recent SEC Filings

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Form 8-K for DAKTRONICS INC /SD/


14-Nov-2012

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement.

(a) On November 9, 2012, Daktronics, Inc. (the "Company") entered into a Eleventh Amendment to Loan Agreement (the "Amendment") and a related Renewal Revolving Note (the "Renewal Note") with U.S. Bank National Association (the "Bank"). The Amendment and the Renewal Note amend the Company's original Loan Agreement and Revolving Note dated October 14, 1998 with the Bank (collectively, the "Original Credit Facility"). (The Original Credit Facility, as subsequently amended (including by the Amendment and the Renewal Note) are collectively referred to as the "Credit Facility").The Amendment and the Renewal Note extend the maturity date of the Credit Facility from November 15, 2012 to November 15, 2013; extend the date of final expiration for outstanding letters of credit to November 15, 2015 in the case of letters of credit not exceeding $500,000, to November 15, 2013 in the case of letters of credit not exceeding $5,000,000, and to November 15, 2013 in the case of all other letters of credit. The balance of letters of credit outstanding as of November 09, 2012 was approximately $3.0 million. The Credit Facility remains unsecured. There were no other advances outstanding as of November 09, 2012.

As a result of the strong cash position of the Company, the Company determined that it was appropriate to not make any material changes to the Credit Facility. As of October 27, 2012, the Company had approximately $79 million of available and unrestricted cash and marketable securities, which it feels diminishes the need for a larger credit facility or other material amendments to the Credit Facility, although this situation could change.

Also on November 9, 2012, the Company entered into the Fourth Amendment to Loan Agreement (the "BoA Amendment"), a related Reaffirmation of and Second Amendment to Unlimited Guaranty Agreement ("the BoA Guaranty"), and a related Amended and Restated Revolving Note (the "BoA Note") with Bank of American, N.A. ("BoA"). The BoA Amendment, the BoA Guaranty, and the BoA Note amend the Company's Loan Agreement and Revolving Note dated June 15, 2012, with BoA (the "Original BoA Loan"). (The Original BoA Loan, as subsequently amended (including by the BoA Amendment, the BoA Guaranty, and the BoA Note) are collectively referred to as the "BoA Credit Facility"). The BoA Amendment, BoA Guaranty, and the BoA Note increase the principal amount of the BoA Credit Facility from $20,000,000 to $35,000,000 and otherwise conform the terms of the BoA Credit Facility to the terms of the Credit Facility. The BoA Credit Facility is intended to support the Company's credit needs outside of the United States. It includes facilities for letters of credit and bank guarantees and to secure foreign loans. The BoA Credit Facility remains unsecured. As of October 27, 2012, there was less than $1 million in advances outstanding and no outstanding bank guarantees under the BoA Credit Facility.

The foregoing description of the Amendment, the Renewal Note, the BoA Amendment, the Boa Guaranty and the BoA Note is qualified in its entirety by reference to such documents, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, and 10.5 to this Current Report on Form 8-K and incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed with this Form 8-K:

10.1 Eleventh Amendment to Loan Agreement dated November 9, 2012 by and between the Company and the Bank.
10.2 Renewal Revolving Note dated November 09, 2012 issued by the Company to the Bank.
10.3 Fourth Amendment to Loan Agreement dated November 9, 2012 by and between BoA and the Company.
10.4 Reaffirmation of and Second Amendment to Unlimited Guaranty Agreement dated November 9, 2012 by and between the Company and BoA.
10.5 Amended and Rested Revolving Note dated November 9, 2012 issued by the Company to BoA.

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