MESA LABORATORIES, INC. (NASDAQ:MLAB) Files An 8-K Entry into a Material Definitive Agreement

ITEM 1.01ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT

On March 1, 2017, Mesa Laboratories, Inc. (the Company) entered
into a five year agreement (the Credit Facility) for a
$80,000,000 revolving line of credit (Line of Credit), a
$20,000,000 term loan (Term Loan) and up to $2,500,000 of letters
of credit with a banking syndicate comprised of JPMorgan Chase
Bank, N.A. (JPMorgan), Bank of The West, Fifth Third Bank and
Wells Fargo Bank, National Association. In addition, the Credit
Facility provides a post-closing accordion feature which allows
for the Company to request to increase the Line of Credit or Term
Loan up to an additional $100,000,000. Funds from the Credit
Facility may be used to pay down its previous credit facility,
finance working capital needs and for general corporate purposes
in the ordinary course of business (including, without
limitation, permitted acquisitions).

Line of Credit and Term Loan indebtedness bears interest at
either: (1) LIBOR, as defined, plus an applicable margin ranging
from 1.5% to 2.50%; or (2) the alternate base rate (ABR), which
is the greater of JPMorgans prime rate, the federal funds
effective rate or the overnight bank funding rate plus 0.5%. We
elect the interest rate with each borrowing under the line of
credit. In addition, there is an unused line fee of 0.15% to
0.35%. Letter of credit fees are based on the applicable LIBOR
rate.

The Term Loan requires 20 quarterly principal payments (the first
due date being March 31, 2017) in the amount of $250,000
(increasing by $125,000 each year up to $750,000 in the fifth
year). The remaining balance of principal and accrued interest
are due on March 1, 2022.

The Credit Facility is secured by all of our assets and requires
us to maintain a ratio of funded debt to our trailing four
quarters of EBIDTA (the Leverage Ratio), as defined, of less than
3.0 to 1.0, provided that, we may once during the term of the
Credit Facility, in connection with a Permitted Acquisition for
which the aggregate consideration paid or to be paid in respect
thereof equals or exceeds $20,000,000, elect to increase the
maximum Leverage Ratio permitted hereunder to (i)3.50 to 1.00 for
a period of four consecutive fiscal quarters commencing with the
fiscal quarter in which such Permitted Acquisition occurs (the
Initial Holiday Period) and (ii)3.25 to 1.00 for the period of
four consecutive fiscal quarters immediately following the
Initial Holiday Period. The Credit Facility also requires us to
maintain a minimum fixed charge coverage ratio of less than 1.25
to 1.0.

We incurred arrangement and upfront fees totaling $350,000 along
with an annual administrative agent fee of $10,000.

ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE
AGREEMENT

In connection with entering into the Credit Facility, on March 1,
2017 we repaid in full, all obligations and liabilities owing
under, and terminated our existing $70,000,000 credit facility
with JPMorgan. This payment included $50,250,000 of outstanding
debt.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION UNDER
AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information included in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 2.03 of this
Current Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

10.1 Credit agreement dated as of March 1, 2017 between Mesa
Laboratories, Inc., the Lenders Party Hereto and JPMorgan Chase
Bank, N.A., as administrative agent.

About MESA LABORATORIES, INC. (NASDAQ:MLAB)

Mesa Laboratories, Inc. is focused primarily on quality control products and services. The Company operates through four segments: Instruments, Continuous Monitoring, Biological Indicators and Cold Chain. The Instruments Division designs, manufactures and markets quality control instruments and disposable products. Its Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes. Its Continuous Monitoring Division designs, develops and markets systems, which are used to monitor various environmental parameters. Its Cold Chain Division provides parameter (primarily temperature) monitoring of products in a cold chain. The Company’s brands include DataTrace, DialyGuard, DryCal, Torqo, SureTorque, BGI, Mesa, PCD, Apex, CheckPoint, Mesa and TempTrust.

MESA LABORATORIES, INC. (NASDAQ:MLAB) Recent Trading Information

MESA LABORATORIES, INC. (NASDAQ:MLAB) closed its last trading session up +0.44 at 125.46 with 17,404 shares trading hands.