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DRCO > SEC Filings for DRCO > Form 8-K on 30-Dec-2013All Recent SEC Filings

Show all filings for DYNAMICS RESEARCH CORP



Entry into a Material Definitive Agreement, Financial Statements and Exhib

Item 1.01. Entry into a Material Definitive Agreement.

Amendments to Credit Agreement and Senior Subordinated Loan Agreement

Effective as of December 27, 2013, Dynamics Research Corporation (the "Company") amended (a) its Credit Agreement with Bank of America, N.A., as administrative agent and (b) its Senior Subordinated Loan Agreement with Ares Mezzanine Partners, L.P. as lead investor. Solely for purposes of determining compliance by the Company and its Subsidiaries with their financial covenants contained in the Credit Agreement and the Senior Subordinated Loan Agreement (i.e., the Consolidated Fixed Charge Coverage Ratio, the Consolidated Senior Leverage Ratio and the Consolidated Total Leverage Ratio), the amendments adjusted the calculation of Consolidated EBITDA to exclude from such calculation the impact of the non-recurring expenses incurred by the Company during the fiscal quarters ending June 30, 2013, September 30, 2013 and December 31, 2013 in the aggregate amount of not more than $1,600,000 and attributable to certain professional services and other fees, charges and other amounts incurred in connection with strategic initiatives of the Company.

This description of the amendments to the Company's Credit Agreement and Senior Subordinated Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the amendments to the Credit Agreement and Senior Subordinated Loan Agreement, which are attached as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

See the Exhibit Index attached to this Current Report on Form 8-K, which is incorporated herein by reference.

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