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CPIX > SEC Filings for CPIX > Form 8-K on 2-Jul-2014All Recent SEC Filings

Show all filings for CUMBERLAND PHARMACEUTICALS INC

Form 8-K for CUMBERLAND PHARMACEUTICALS INC


2-Jul-2014

Entry into a Material Definitive Agreement, Termination of a Mater


Item 1.01 Entry into a Material Definitive Agreement.

On June 26, 2014, Cumberland Pharmaceuticals Inc. (the "Company" or "Cumberland") entered into a Revolving Credit Loan Agreement ("Loan Agreement") with SunTrust Bank (the "Lender"). The Loan Agreement provides for an aggregate principal amount up to $20 million. It provides an initial revolving line of credit of up to $12 million with the ability for Cumberland to increase the amount to $20 million, under certain conditions. There are no borrowings under the Loan Agreement and it expires on June 26, 2017. The interest rate is based on a LIBOR pricing grid as referenced in the Agreement. Cumberland is subject to and in compliance with certain financial covenants including, but not limited to, maintaining an EBIT to Interest Expense Ratio and Funded Debt Ratio, as such terms are defined in the Loan Agreement.



Item 1.02 Termination of a Material Definitive Agreement.

On June 26, 2014, the Company entered into the Loan Agreement. The material terms and conditions to the extent required are included in Item 1.01 above and are incorporated by reference into this Item 1.02. Effective upon the execution of the Loan Agreement described in Item 1.01 above, the Fifth Amended and Restated Loan Agreement, as amended, originally dated August 2, 2011 (the "Amended and Restated Loan Agreement"), by and between the Company and Bank of America, N.A. was terminated. The Company incurred no early termination penalties upon termination of the Amended and Restated Loan Agreement. The foregoing description of the Amended and Restated Loan Agreement is qualified in its entirety by Exhibit 10.16, Exhibit 10.16.1, Exhibit 10.16.2, and Exhibit 10.16.3 to the Company's Annual Report on Form 10-K filed on March 11, 2014.



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

On June 26, 2014, the Company entered into the Loan Agreement. The material terms and conditions to the extent required are included in Item 1.01 above and are incorporated by reference into this Item 2.03.


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