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ACLS > SEC Filings for ACLS > Form 8-K on 6-May-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Results of Operations and Fi

Item 1.01 Amendment of a Material Definitive Agreement.

The Company has a Business Loan Agreement dated July 5, 2013 with Northern Bank & Trust Company (the "Bank") pursuant to which the Company borrowed $15.0 million secured by the Company's real estate in Beverly, Massachusetts. All outstanding principal and interest on the term loan is due and payable on July 5, 2016. The Company's financial results for the quarter ended March 31, 2014 caused the Company not to meet the Debt Service Ratio covenant in the Business Loan Agreement, which covenant was waived by the Bank. The Company was in compliance with all other covenants associated with the term loan during the first quarter of 2014.

The Company and the Bank have entered into a letter agreement dated as of May 2, 2014, which amended the Debt Service Ratio covenant in the Business Loan Agreement to defer its effectiveness until September 30, 2014. Accordingly, commencing with the quarter ending September 30, 2014, the Company's quarterly net operating income multiplied by 4 must be not less than the actual annual debt service over the twelve months following the start of such quarter, multiplied by 1.45. All other terms of the Business Loan Agreement remain in effect.

Item 2.02 Results of Operations and Financial Condition

On May 6, 2014, Axcelis Technologies, Inc. (the "Company") issued a press release regarding its financial results for the quarter ended March 31, 2014. The Company's press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated May 6, 2014. Filed herewith.

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