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GB > SEC Filings for GB > Form 8-K on 26-Dec-2012All Recent SEC Filings

Show all filings for GREATBATCH, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GREATBATCH, INC.


26-Dec-2012

Triggering Events That Accelerate or Increase a Direct Financial Obligation or a


Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On December 24, 2012, Greatbatch, Inc. (the "Company") announced that it will be redeeming the nominal remaining outstanding aggregate principal amount of its 2¼ % Convertible Subordinated Debentures dated May 2003 and due June 2013, and the entire $197,782,000 in outstanding aggregate principal amount of its 2¼% Convertible Subordinated Debentures dated March 2007 and due June 2013 (collectively, the "Debentures") at 100% of par. The redemptions are expected to be funded with availability under the Company's existing $400 million line of credit with interest at Libor plus the applicable margin, which ranges between 1.5% and 3.0% based on the Company's total leverage ratio. The Company has entered into a $150 million, three year, receive one-month Libor, pay fixed rate of 0.573%, amortizing $50 million per year interest rate swap in order to hedge a portion of the interest rate risk associated with these anticipated borrowings. The redemption will be treated as an extinguishment of debt for accounting purposes, which will be recorded in the first quarter of 2013.

A copy of the press release relating to the redemption is filed as exhibit 99.1 to this report.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release dated December 24, 2012.


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