DAEGIS INC. 8-K 2012
UNITED STATES SECURITIES AND EXCHANGE
Date of report (date of earliest event
(Exact name of registrant as specified in its charter)
1420 Rocky Ridge Drive
Registrants telephone number, including area
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 (see General Instruction A.2. below):
Item 1.01. Entry into a Material Definitive Agreement.
On March 14, 2012, Daegis Inc. (the Company or Daegis) entered into an Amendment No. 1 to its Loan and Security Agreement dated as of June 30, 2011 by and among the Company, the Guarantors thereto, and Wells Fargo Capital Finance, LLC. Amendment No. 1 increased the minimum LIBOR used in the interest rate for Term Note A and the revolving line by 0.25%, modified certain financial covenants and set a minimum excess cash payment floor of $1.7 million for the fiscal year ending April 30, 2012.
The foregoing is intended only to be a summary of Amendment No. 1 and is qualified in its entirety by reference to Amendment No. 1 which is filed as Exhibit 10.1 hereto.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
(a) The disclosure in Item 1.01 hereof is incorporated by reference into this Item 2.03 in its entirety.
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.
Date: March 16, 2012