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FLXS > SEC Filings for FLXS > Form 8-K on 5-Jul-2013All Recent SEC Filings




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

Item 1.01. Entry into a Material Definitive Agreement.

On June 28, 2013, Flexsteel Industries, Inc. (the "Company") entered into amendments to its short-term revolving credit line with Wells Fargo Bank N.A. The amendments extend the maturity date to June 30, 2014. In addition, at the Company's request the borrowing availability was reduced from $15 million to $10 million. The credit facility will be used for the Company's working capital needs. No amount is outstanding under this facility.

The credit facility contains certain financial covenants, including that the Company maintain working capital of $60 million and an interest coverage ratio of not less than 3.0 to 1.0.

The agreements are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2.

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 above is incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

      (a)       Not applicable
      (b)       Not applicable
      (c)       Not applicable
      (d)       Exhibits

      Exhibit No.     Description

      Exhibit 10.1    Third Amendment to Credit Agreement dated June 28, 2013 between
                      Flexsteel Industries, Inc. and Wells Fargo Bank, N. A.

      Exhibit 10.2    Revolving Line of Credit Note dated June 28, 2013 between
                      Flexsteel Industries, Inc. and Wells Fargo Bank, N. A.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: July 5, 2013 By: /s/ Timothy E. Hall Timothy E. Hall Principal Financial Officer, SVP-Finance and CFO

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