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CPK > SEC Filings for CPK > Form 8-K on 3-Jul-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direct Financ

Item 1.01 Entry into a Material Definitive Agreement.

On June 28, 2013, Chesapeake Utilities Corporation ("Chesapeake") entered into a $55 million committed unsecured, short-term credit facility with Bank of America, N.A., which increases the total short-term loan capacity available from Bank of America, N.A. from $50 million to $75 million. This facility replaces a $30 million committed unsecured, short-term credit facility which expired on June 28, 2013. This new committed unsecured, short-term facility matures on June 27, 2014. Borrowings under this new credit facility will bear interest at a rate equal to LIBOR plus 125 basis points or Bank of America's Base Rate (as defined in the term note agreement) plus 125 basis points, with the form of interest rate selected at Chesapeake's discretion. Other terms and conditions of this facility are substantially the same as the former facility available from Bank of America, N.A. Chesapeake intends to utilize this credit facility for working capital needs, to temporarily fund capital expenditures and general corporate purposes. In addition to the $55 million, committed unsecured short-term credit facility, Chesapeake has a $20 million uncommitted unsecured, short-term credit facility, which was also renewed on June 28, 2013.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 is incorporated by reference in this Item 2.03.

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