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HDSN > SEC Filings for HDSN > Form 8-K on 31-Oct-2013All Recent SEC Filings

Show all filings for HUDSON TECHNOLOGIES INC /NY



Creation of a Direct Financial Obligation or an Obligation under an O

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.

On October 25, 2013, Hudson Technologies Company ("HTC"), a subsidiary of Hudson Technologies, Inc. (the "Registrant"), entered into a Second Amendment to Revolving Credit, Term Loan and Security Agreement (the "Amendment") with PNC Bank, National Association ("PNC"), which amended HTC's existing credit, term loan and security agreement with PNC (the "Facility"). The Amendment, among other things, waived HTC's requirement to comply with the minimum fixed charge coverage ratio covenant under the Facility of 1.10 to 1.00 for the fiscal quarter ended September 30, 2013, and suspended the fixed charge coverage ratio covenant under the Facility until the quarterly period ending March 31, 2015. The Amendment also increased the Revolving Interest Rate and the Term Loan Rate under the Facility for domestic rate loans and Eurodollar loans by 0.5% per annum, and required that the Company maintain, on a trailing 12 month basis, tested quarterly, minimum EBITDA for the quarters ending December 31, 2013 through December 31, 2014, as follows:

              Period                                     Amount

              3 month period ending December 31, 2013  ($2,154,000)
              3 month period ending March 31, 2014         $494,000
              6 month period ending June 30, 2014        $2,035,000
              9 month period ending September 30, 2014   $3,012,000
              12 month period ending December 31, 2014   $1,879,000

In connection with the Amendment, the Registrant and its subsidiary, Hudson Holdings, Inc., entered into a Guarantors' Ratification in which they acknowledged that the obligations under the Facility (as amended) are secured by their existing guaranty and suretyship agreements (the "Guarantors' Ratification"). All other material terms of the Facility remain unchanged.

The foregoing description of the Amendment and related documents does not purport to be complete and is qualified in its entirety by reference to the Amendment and the Guarantors' Ratification, which are filed as exhibits to this report and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Second Amendment To Revolving Credit, Term Loan And Security Agreement between Hudson Technologies Company, and PNC Bank, National Association, dated October 25, 2013.
Exhibit 10.2 Guarantors' Ratification dated October 25, 2013, by the Registrant and Hudson Holdings, Inc.

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