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FLXS > SEC Filings for FLXS > Form 8-K on 27-Jun-2014All Recent SEC Filings




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

Item 1.01. Entry into a Material Definitive Agreement.

On June 27, 2014, Flexsteel Industries, Inc. (the "Company") entered into amendments to its short-term revolving credit line with Wells Fargo Bank N.A. The amendments extend the maturity date to June 30, 2016. In addition, the borrowing availability was increased from $10 million to $25 million. The credit facility will be used for the Company's working capital needs. No amount is outstanding under this facility.

The credit facility contains certain financial covenants, including that the Company maintain working capital of $60 million and an interest coverage ratio of not less than 3.0 to 1.0.

The agreements are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2.

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 into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits

Exhibit No. Description

Exhibit 10.1 Fourth Amendment to Credit Agreement dated June 27, 2014 between Flexsteel Industries, Inc. and Wells Fargo Bank, N. A.

Exhibit 10.2 Revolving Line of Credit Note dated June 27, 2014 between Flexsteel Industries, Inc. and Wells Fargo Bank, N. A.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: June 27, 2014 By: /s/ Timothy E. Hall Timothy E. Hall Principal Financial Officer, SVP-Finance and CFO

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