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HOFT > SEC Filings for HOFT > Form 8-K on 31-Jul-2013All Recent SEC Filings

Show all filings for HOOKER FURNITURE CORP



Entry into a Material Definitive Agreement, Financial Statements and Exhibi

Item 1.01. Entry into a Material Definitive Agreement.

On July 26, 2013, Hooker Furniture Corporation (the "Company") amended its $15 million unsecured revolving credit facility under a Loan Agreement with Bank of America, N.A., which was originally entered into on December 7, 2010.

The amendment:

Extended the maturity date of the Loan Agreement to July 31, 2018;

Allows the Company to permanently terminate or reduce the $15 million revolving commitment under the Loan Agreement without penalty;

Adjusted the procedure for calculating the rate of interest that applies to amounts outstanding under the Loan Agreement (USD LIBOR adjusted monthly); and

Changed the facility's unused commitment fee to a flat 0.20% of the unused commitment per quarter, rather than being based on the Company's funded debit to EBITDA ratio.

In addition, the amendment required that the Company's two wholly owned subsidiaries, Bradington-Young, LLC and Sam Moore Furniture LLC, guarantee the Company's obligations under the Loan Agreement.

This summary of the amendment to the Loan Agreement is qualified in its entirety by reference to the full text of the amendment, a complete copy of which is filed with this report as Exhibit 10.1 and is hereby incorporated by reference in response to this Item 1.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Amendment No. 2 to Loan Agreement, dated as of July 26, 2013, between Bank of America, N.A. and the Company

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