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SLTM > SEC Filings for SLTM > Form 8-K on 21-Mar-2013All Recent SEC Filings

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Form 8-K for SOLTA MEDICAL INC


21-Mar-2013

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


Item 1.01. Entry into a Material Definitive Agreement.

On March 18, 2013, Solta Medical, Inc. (the "Company") entered into the Ninth Amendment (the "Amendment") to its Loan and Security Agreement with Silicon Valley Bank dated as of March 9, 2009, as amended from time to time (the "Loan and Security Agreement").

The Amendment provides for, among other things, (i) an early termination option on the revolving line of credit prior to the maturity date, provided an early termination fee of $240,000 is paid, (ii) a fully earned, non-refundable facility fee of $120,000 due on the effective date of the Amendment and on the earlier of (1) the first anniversary of the Amendment or (2) the date the revolving line of credit is terminated early, (iii) an increase of the amount of credit available under the revolving line of credit from $8 million to $12 million, (iv) an extension to the maturity date of borrowings under the revolving line of credit to March 18, 2015, (v) amendments to the financial covenants, including changes to the liquidity ratio, the fixed charge coverage ratio and the leverage ratio, (vi) consent to the acquisition of Sound Surgical Technologies LLC, (vii) the addition of Sound Surgical Technologies LLC as a "Guarantor" under the Loan and Security Agreement, and associated security agreements from it. Other terms of the Loan and Security Agreement remain unchanged.

Additional details of the Loan and Security Agreement were previously disclosed in Current Reports on Form 8-K filed with the Securities and Exchange Commission on March 11, 2009, April 5, 2010 and October 28, 2011 and September 4, 2012 under Item 1.01, "Entry into a Material Definitive Agreement," and are incorporated herein by reference.

A copy of the Amendment is attached as Exhibit 10.1 to this Current Report and incorporated by reference herein.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment.



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 under Item 1.01, "Entry into a Material Definitive Agreement," is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are filed herewith:

Exhibit
No.          Description

10.1         Ninth Amendment to Loan and Security Agreement dated as of March 18,
             2013 by and between Solta Medical, Inc. and Silicon Valley Bank.


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