KVH Industries, Inc. (NASDAQ:KVHI) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
America, N.A., and The Washington Trust Company entered into the
Third Amendment (the Amendment) to the Credit Agreement dated as
of July 1, 2014, which was previously amended on June 15, 2015
and September 30, 2015, (as amended, the Credit Agreement). The
Amendment included (i) an increase to the Maximum Consolidated
Leverage Ratio from 1.25:1.00 to 1.50:1.00; (ii) an increase to
the lowest rate applicable to borrowing under the Credit
Agreement from 1.50% to 1.75%; (iii) an amendment to the
amortization schedule for the term loan to reduce the amount of
required quarterly principal repayments from $1,625,000 to
$575,000 starting on April 1, 2017; and (iv) an amendment to the
definition of Consolidated Fixed Charges Coverage Ratio to
include only maintenance capital expenditures as defined. As a
condition to the Amendment, we made a principal repayment of $6.0
million on the Term Loan on March 7, 2017.
entirety by reference to the Amendment filed as Exhibit 10.1 to
this Report on Form 8-K and incorporated by reference herein.
Third Amendment to Credit Agreement, dated as of March
7, 2017, by and among KVH Industries, Inc., Bank of
America, N.A., as Administrative Agent, Bank of
America, N.A., as a lender, and The Washington Trust
Company, as a lender.
About KVH Industries, Inc. (NASDAQ:KVHI)
KVH Industries, Inc. is a manufacturer of solutions that provide high-speed Internet, television and voice services through satellite to mobile users at sea and on land. The Company also provides commercially licensed entertainment, including news, sports, music and movies, to commercial and leisure customers in the maritime, hotel and retail markets. It operates in two geographic segments, in the mobile communications, navigation and guidance and stabilization equipment industry. The Company develops and distributes training films and e-learning computer-based training courses to commercial maritime customers. It is also a manufacturer of navigational sensors and integrated inertial systems for defense and commercial guidance and stabilization applications. It designs, develops, manufactures and markets mobile communications products and services for the marine and land mobile markets, and navigation, guidance and stabilization products for both the commercial and defense markets. KVH Industries, Inc. (NASDAQ:KVHI) Recent Trading Information
KVH Industries, Inc. (NASDAQ:KVHI) closed its last trading session up +0.15 at 8.15 with 69,108 shares trading hands.