IPG PHOTONICS CORPORATION (NASDAQ:IPGP) Files An 8-K Entry into a Material Definitive AgreementItem 2.02. Entry into a Material Definitive Agreement
On July 31, 2017, IPG Laser GmbH ("IPG Laser"), a wholly-owned subsidiary of IPG Photonics Corporation (the "Registrant"), entered into an agreement for an unsecured revolving line of credit (the "Credit Facility Agreement") with Deutsche Bank AG ("Deutsche Bank"), which replaced an expiring line of credit with Deutsche Bank. IPG Laser, located in Burbach, Germany, is one of the Registrant's principal manufacturing, research and sales operations.
The Credit Facility Agreement provides for increased revolving credit of up to Euro 50.0 million and includes three credit facilities: a revolving cash facility of up to Euro 38.0 million, a revolving margin line facility of up to Euro 7.0 million and a revolving guarantee facility of up to Euro 5.0 million. The Registrant guaranteed the obligations of IPG Laser under the Credit Facility Agreement. The Registrant's Chinese, Italian and Russian subsidiaries may also receive credit under the Credit Facility Agreement, the amounts and types of which may change over time as agreed by Deutsche Bank, IPG Laser and the Registrant. The Credit Facility Agreement expires July 31, 2020.
The foregoing description of the Credit Facility Agreement does not purport to be complete and is qualified in its entirety by reference to such document and related agreements, copies of which are attached as exhibits to this Current Report on Form 8-K and are incorporated herein by reference.
On August1, 2017, IPG Photonics Corporation (the "Company") announced its financial results for the first quarter ended June30, 2017. The full text of the press release issued in connection with the announcement is furnished as Exhibit99.1 to this Current Report on Form 8-K.
The information on this Current Report on Form 8-K (including Exhibit99.1) shall not be deemed "filed" for purposes of Section18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 2.02. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 2.02, "Entry into a Material Definitive Agreement," is incorporated herein by reference.
(d)Exhibits
10.1 |
Credit Facility Agreement between IPG Laser GmbH and Deutsche Bank AG dated July 31, 2017 |
10.2 |
Annex 1 to Corporate Guarantee to Deutsche Bank AG dated July 31, 2017 |
10.3 |
Guarantee of the Registrant to Deutsche Bank AG dated July 31, 2017 |
99.1 |
Press Release issued by IPG Photonics Corporation on August 1, 2017 |
IPG PHOTONICS CORP ExhibitEX-10.1 2 exhibit101creditfacilityag.htm EXHIBIT 10.1 Exhibit Exhibit 10.1 Credit Facility AgreementRegarding an Umbrella Credit Facility in the amount of EUR 50,…To view the full exhibit click here
About IPG PHOTONICS CORPORATION (NASDAQ:IPGP)
IPG Photonics Corporation is engaged in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers and related optical components. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced communications and medical applications. The Company sells its products globally to original equipment manufacturers (OEMs), system integrators and end users. The Company has sales offices in the United States, Germany, Russia, Italy, Turkey, the United Kingdom, France, Spain, Poland, Czech Republic, China, Japan, South Korea, Singapore and India. The Company’s manufacturing facilities are located in the United States, Germany and Russia. The Company also manufactures complementary products used with its lasers, including optical delivery cables, fiber couplers, beam switches, optical processing heads and chillers. In addition, the Company offers laser-based systems for certain markets and applications.