ARGON ST 8-K 2008
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Argon ST, Inc.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 1.01 Entry into a Material Definitive Agreement.
On February 28, 2008, Argon ST, Inc. and its subsidiaries (collectively, the "Company") entered into the Sixth Amendment to Second Amended and Restated Financing and Security Agreement (the "Agreement") with Bank of America, N.A. (the "Lender"), which replaces the Fifth Amendment to Second Amended and Restated Financing and Security Agreement dated as of March 31, 2006. The terms and conditions are substantially similar to the credit facility it replaced. The facility remains at $40 million and contains a sublimit $15 million to cover letters of credit. The interest charged on borrowings under the revolving credit agreement will continue to bear interest at the LIBOR rate plus 150 basis points. In addition, the Company is required to pay, quarterly in arrears, a fee of 0.25 percent per annum on the average daily unused portion of the commitment under this Agreement. The revolving credit agreement will terminate no later than February 28, 2010.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Sixth Amendment to Second Amended and Restated Financing and Security Agreement
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.