Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01. Entry into a Material Definitive Agreement On October 22, 2013, Bovie Medical Corporation (the "Company") entered into a certain Fourth Amendment to Credit Documents (the "Fourth Amendment") with PNC Bank, National Association (the "Bank"). Pursuant to the Fourth Amendment, among other things: (i) the Company terminated that certain Revolving Loan Agreement with the Bank dated October 31, 2011, as amended; (ii) the definition of "Adjusted EBITDA" contained in that certain Credit Agreement dated October 31, 2011, as amended, relating to $4,000,000 in Pinellas County Industrial Development Revenue Bonds (the "Bonds") Series 2008 (the "Credit Agreement") was amended to exclude the one time payment on the judgment in favor of Leonard Keen in the approximate amount of $848,000, effective as of June 30, 2013; (iii) in addition to the payments of principal and interest otherwise required under the Bonds, from November 1, 2013 through and including September 1, 2014, the Company shall make additional principal payments of $12,000 per month and redeem the Bonds in full on October 1, 2014; and (iv) amended the covenant containing the Adjusted EBITDA targets, as more fully set forth in the Fourth Amendment.
The Amendment also grants the Bank a security interest in all of the Company's personal property (excluding patents) as additional collateral to secure the Company's obligations under the Credit Agreement.
THE FOREGOING IS A SUMMARY OF THE MATERAL TERMS OF THE FOURTH AMEDMENT AND IS QUALIFIED IN ITS ENTIRETY BY THE TERMS AND CONDITIONS CONTAINED IN THE FOURTH AMENDMENT.
Item 9.01. Financial Statements and Exhibits (d) Exhibits.
10.1 Fourth Amendment to Credit Documents, dated October 22, 2013, between the Company and the Bank ==================================
I added this to my watchlist as a technical play. Not looking to get in yet but just started my dd. Looks kinda like "do or die". Back to the $2 range?
Bovie Medical Corp. (BVX)-AMEX 2.60 Oct 28, 4:00PM EDT
Share Statistics Avg Vol (3 month)3: 22,222 Avg Vol (10 day)3: 13,888 Shares Outstanding5: 17.67M Float: 16.04M % Held by Insiders1: 22.21% % Held by Institutions1: 5.50% Shares Short (as of Oct 15, 2013)3: 17.46K Short Ratio (as of Oct 15, 2013)3: 1.10 Short % of Float (as of Oct 15, 2013)3: 0.10% Shares Short (prior month)3: 15.26K
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7766 | From: Virginia | Registered: May 2006
| IP: Logged |