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FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) Files An 8-K Entry into a Material Definitive Agreement

FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On June 30, 2017, Flexsteel Industries, Inc. (the Company)
entered into amendments to its revolving line of credit with
Wells Fargo Bank N.A. to extend the maturity date and reduce
unused commitment fee. The $10 million revolving line of credit
is short-term, unsecured and matures on June 30, 2018. The credit
facility will be used for the Companys working capital needs. At
June 30, 2017, $1.3 million of letters of credit were outstanding
under the line of credit.

The revolving line of credit 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 First Amendment to Credit Agreement dated June 30, 2017
between Flexsteel Industries, Inc. and Wells Fargo Bank, N.
A.
Exhibit 10.2 Revolving Line of Credit Note dated June 30, 2017 between
Flexsteel Industries, Inc. and Wells Fargo Bank, N. A.

FLEXSTEEL INDUSTRIES INC ExhibitEX-10.1 2 flexsteel171886_ex10-1.htm FIRST AMENDMENT TO CREDIT AGREEMENT Exhibit 10.1   FIRST AMENDMENT TO CREDIT AGREEMENT     THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of June 30,…To view the full exhibit click here About FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS)
Flexsteel Industries, Inc. is a manufacturer, importer, marketer and distributor of residential and commercial upholstered and wood furniture products in the United States. The Company offers its products for contract under categories, such as hospitality, healthcare, senior living, government and commercial office. It offers furniture for common areas, guest rooms, dining areas, patient rooms, resident rooms, work spaces, reception areas, administrative and collaborative spaces. Its range of offering includes chairs, sofas, benches, ottomans, pillows, barstools, tables, headboards, group seating, desks & hutches, causeway collection, presentation boards, bookcases, recliners and storage. It also offers sectionals, reclining furniture, lift reclining furniture, media consoles, night stands and side tables, among others, for home. It offers various products for recreation, such as bucket seats, fold-n-tumble, dinette seating, helm seating and modular sectionals.

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