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LLTC > SEC Filings for LLTC > Form 8-K on 28-Oct-2013All Recent SEC Filings

Show all filings for LINEAR TECHNOLOGY CORP /CA/



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

Item 1.01. Entry into a Material Definitive Agreement

On October 23, 2013, Linear Technology Corporation, a Delaware corporation (the "Company"), entered into a Credit Agreement (the "Credit Agreement") by and between the Company and Wells Fargo Bank, National Association (the "Bank").

The Credit Agreement provides for a $100.0 million unsecured revolving line of credit, under which the Company may borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of October 23, 2015 (the "Maturity Date"). Proceeds of loans made under the Credit Agreement may be used for working capital and other general corporate purposes of the Company and its subsidiaries. The Company may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty, subject to customary breakage costs.

The loans bear interest at LIBOR plus 1.0%. Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date.

The Company is required to maintain with the Bank average account balances, calculated on a quarterly basis, of not less than $30.0 million. The Company must also maintain EBITDA of not less than $75.0 million, measured quarterly, and, in order to take certain actions such as payments of dividends, a balance of $500 million of cash and cash equivalents on a worldwide consolidated basis. The Credit Agreement contains customary affirmative and negative covenants, as well as customary events of default.

The foregoing description of the Credit Agreement is qualified in its entirety by reference to the Credit Agreement and the Revolving Line of Credit Note, copies of which are attached as Exhibit 10.1 and Exhibit 10.2 hereto, respectively, and incorporated herein by reference.

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 herein by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.    Description

10.1               Credit Agreement, dated as of October 23, 2013, by and between
                   Linear Technology Corporation and Wells Fargo Bank, National

10.2               Revolving Line of Credit Note, dated as of October 23, 2013,
                   issued by Linear Technology Corporation to Wells Fargo Bank,
                   National Association

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