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TESS > SEC Filings for TESS > Form 8-K on 18-Oct-2013All Recent SEC Filings

Show all filings for TESSCO TECHNOLOGIES INC



Entry into a Material Definitive Agreement, Financial Statements and Exhi


On October 16, 2013, TESSCO Technologies Incorporated (the "Company") and its primary operating subsidiaries, as borrowers, entered into a Ninth Modification Agreement (the "Ninth Modification"), with SunTrust Bank and Wells Fargo Bank, National Association, amending the Credit Agreement, and related Note, for the Company's existing $35.0 million unsecured revolving credit facility.

Pursuant to the Ninth Modification, the term of the credit facility was extended from May 31, 2014 to October 1, 2016; certain interest rate margins and unused facility fee percentages have been adjusted; and the aggregate amount of dividend payments allowed under the credit facility to be made in any 12-month period by the Company, assuming continued compliance with the otherwise applicable terms of the Credit Agreement, was increased. The discussion of the Ninth Modification as set forth in this Item 1.01 is qualified in its entirety by the actual terms and provisions of the Ninth Modification, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated fully herein by this reference.

Pursuant to the relevant documents, the financial covenants included in the Credit Agreement for the unsecured revolving credit facility are also applicable to the Company's existing term loan with the same lenders. Accordingly, the Ninth Modification also has the effect of amending the financial covenants applicable to the term loan.


(d) Exhibits.

Exhibit No.   Description
   10.1       Ninth Modification Agreement dated as of October 16, 2013, by and among
              the Registrant and certain subsidiaries, as borrowers, and SunTrust Bank
              and Wells Fargo Bank, National Association, as lenders

Information presented in this Current Report on Form 8-K may contain forward-looking statements and certain assumptions upon which such forward-looking statements are in part based. Numerous important factors, including those factors identified in the TESSCO Technologies Incorporated Annual Report on Form 10-K and other of the Company's filings with the Securities and Exchange Commission, and the fact that the assumptions set forth in this Current Report on Form 8-K could prove incorrect, could cause actual results to differ materially from those contained in such forward-looking statements.


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