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FRP > SEC Filings for FRP > Form 8-K on 13-Nov-2012All Recent SEC Filings




Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On November 13, 2012, FairPoint Communications, Inc. (the "Company") and lenders holding in excess of 50% of loans and commitments entered into an amendment (the "Amendment") to the Company's credit agreement, dated as of January 24, 2011 (the "Credit Agreement"), by and among the Company and FairPoint Logistics, Inc., as borrowers, Bank of America, N.A., as administrative agent, and the various financial institutions and parties thereto (the "Lenders"). The Amendment permits the Company to (i) enter into any written agreements to make any restricted dispositions of assets without prior approval of the Lenders (but not consummate such restricted dispositions until any necessary approval is obtained) and (ii) increases the amount of consideration that the Company may receive from the dispositions of assets in any fiscal year from $25.0 million and, depending on the Consolidated Total Leverage Ratio (as defined in the Credit Agreement), $50.0 million, to $125.0 million and $200.0 million, respectively. Consistent with the Credit Agreement as in effect prior to the Amendment, the Company continues to have the ability to (i) retain $5.0 million of net cash proceeds from dispositions of assets in any fiscal year and (ii) reinvest up to $20.0 million or, depending on the Consolidated Total Leverage Ratio, $45.0 million, of net cash proceeds (the "Reinvestment Limit"), from dispositions in any fiscal year, in each case in accordance with the Credit Agreement. Any net cash proceeds in excess of the Reinvestment Limit would be required to be applied immediately to prepay the term loan facility under the Credit Agreement at par.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

   Number         Description

    10.1          First Amendment to Credit Agreement, dated as of November
                  13, 2012, among FairPoint Communications, Inc., FairPoint
                  Logistics, Inc., Bank of America, N.A., as administrative
                  agent, and the lenders signatory thereto

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