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Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

On October 9, 2014, the Company’s Board authorized a program to repurchase shares of Identiv's common stock. The Board approved the repurchase of up to $5.0 million of shares over a period of one year. This program is to be conducted in the open market or in privately negotiated transactions. The repurchase of shares will be made using our cash resources. The repurchase program may be suspended or discontinued at any time without prior notice.

Also, on November 10, 2014, the Company entered into an amendment to its Credit Agreement dated March 31, 2014, with Opus. Under the amended Credit Agreement, the revolving loan facility has been increased from $10.0 million to $30.0 million and the revolving loan maturity date has been extended to November 10, 2017. In addition, the Company will no longer be required to make the scheduled monthly installment payments of principal under the Term Loan. Rather, the entire principal balance of the Term Loan will be due on March 31, 2017. Both the principal amount of the Term Loan and the principal amount outstanding under the Revolving Loan Facility bear interest at a floating rate equal to: (a) if the Company holds more than $30.0 million in cash with the lender, the greater of (i) the prime rate plus 1.50% and (ii) 4.75%; (b) if the Company holds $30.0 million or less but more than $20.0 million in cash with the lender, the greater of (i) the prime rate plus 2.25% and (ii) 5.50%; or (c) if the Company holds $20.0 million or less in cash with the lender, the greater of (i) the prime rate plus 2.75% and (ii) 6.00%. Interest on both facilities continues to be payable monthly.

Additionally, the amendment (i) modifies certain loan covenants applicable to the Company’s stock repurchase plan (see above), (ii) removes from the loan collateral shares of the Company’s capital stock repurchased by the Company and (iii) extends the current tangible net worth covenant by one year. The Company is obligated to pay .333% of the revolving loan facility as a lender fee in the aggregate amount of $100,000 upon the closing of the amendment.