NCI, INC. (NASDAQ:NCIT) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On May22, 2017, NCI, Inc., a Delaware corporation (the
Company), and its subsidiaries entered
into that certain Fifth Amendment (the
Amendment) to the Amended and Restated
Loan and Security Agreement, dated December13, 2010, as amended,
by and among the Company and its subsidiaries, SunTrust Bank, in
its capacity as administrative agent for the lenders thereunder,
the lenders named therein and the other parties thereto (the
Credit Agreement).
The Amendment modifies certain provisions of the Credit Agreement
to, among other things:
|
extend the commitment termination date from May31, 2017 to September30, 2017; |
|
amend the definition of EBITDA to deduct from the calculation thereof, to the extent deducted to determine consolidated net income under the Credit Agreement, nonrecurring expenses not incurred in the ordinary course of business and related to the investigation and/or litigation by the Company of the alleged embezzlement by the former corporate controller of the Company, in an aggregate amount not to exceed $10,000,000, subject to the qualifications and limitations provided for therein; |
|
amend the definition of Swingline Commitment from $500,000 to $8,000,000; and |
|
subject to certain conditions, permit the Company to pay a one-time dividend in an amount not to exceed $2,500,000 in the aggregate. |
Certain of the lenders, as well as certain of their respective
affiliates, have performed and may in the future perform for the
Company and its subsidiaries, various commercial banking,
investment banking, lending, underwriting, trust, financial
advisory and other financial services, for which they have
received and may in the future receive customary fees and
expenses.
The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Amendment, which is filed as Exhibit 10.1 hereto
and incorporated herein by reference.
| Item2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item2.03.
| Item9.01. | Financial Statements and Exhibits. |
|
Exhibit No. |
Description of Exhibit |
|
| Exhibit10.1 |
Fifth Amendment to Amended and Restated Loan and Security Agreement, dated as of May22, 2017, by and among NCI, Inc., NCI Information Systems, Incorporated and AdvanceMed Corporation, as borrowers, the several banks and other financial institutions from time to time party thereto, as lenders, and Suntrust Bank, in its capacity as administrative agent for the lenders, as issuing bank and as swingline lender. |
About NCI, INC. (NASDAQ:NCIT)
NCI, Inc. is a provider of enterprise services and solutions to defense, intelligence, healthcare and civilian government agencies. The Company provides information technology (IT), and professional services and solutions by leveraging its core service offerings, which include cloud computing and IT infrastructure optimization; cybersecurity and information assurance; engineering and logistics support; enterprise information management and advanced analytics; health IT and medical support; IT service management; modeling, simulation, and training, and agile development and integration. The Company helps its clients to navigate the range of cloud, Everything-as-a-Service (EaaS), capacity services and virtualization options available. The Company provides its customers the full lifecycle of cybersecurity services, including policy and planning, compliance, identity and access management, training, education, awareness and enterprise security operations. NCI, INC. (NASDAQ:NCIT) Recent Trading Information
NCI, INC. (NASDAQ:NCIT) closed its last trading session up +0.15 at 19.20 with 73,000 shares trading hands.
