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GIFI > SEC Filings for GIFI > Form 8-K on 13-Sep-2013All Recent SEC Filings




Entry into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement.

On September 12, 2013, Gulf Island Fabrication, Inc., as borrower ("Gulf Island"), Whitney Bank and JPMorgan Chase Bank, N.A., as lenders (collectively, the "Lenders"), and the existing guarantors ("Existing Guarantors") together with Gulf Island Marine Fabricators, L.L.C. ("GIMF") and Dolphin Steel Sales, L.L.C. (together with GIMF, "New Guarantors"), entered into the Twelfth Amendment to Ninth Amended and Restated Credit Agreement, dated as of December 31, 2003 (as amended, the "Credit Facility").

Under the terms of the amendment, New Guarantors, both of which are subsidiaries of Gulf Island, agreed to (i) guaranty Gulf Island's obligations under the Credit Facility, and (ii) grant a security interest over certain collateral to secure such obligations. The amendment also releases any liens in favor of the Lenders affecting real property of Gulf Island, Existing Guarantors or New Guarantors located in the state of Louisiana, and grants the Lenders a security interest in all of the accounts of Gulf Island, the Existing Guarantors and the New Guarantors.

Further, Gulf Island agreed to cause all subsidiaries subsequently formed or acquired, subject to certain exceptions, to execute both a guaranty and a security agreement with respect to Gulf Island's obligations under the Credit Facility.

The foregoing summary is qualified by the full text of the amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

Item 9.01      Financial Statements and Exhibits.

       (d)     Exhibits.

Number     Description

10.1       Twelfth Amendment to Ninth Amended and Restated Credit Agreement, dated
           and effective as of September 12, 2013

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