0001206774-17-003067.txt : 20171102 0001206774-17-003067.hdr.sgml : 20171102 20171102164909 ACCESSION NUMBER: 0001206774-17-003067 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20171030 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20171102 DATE AS OF CHANGE: 20171102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANSCAT INC CENTRAL INDEX KEY: 0000099302 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 160874418 STATE OF INCORPORATION: OH FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03905 FILM NUMBER: 171173174 BUSINESS ADDRESS: STREET 1: 35 VANTAGE POINT DRIVE CITY: ROCHESTER STATE: NY ZIP: 14624 BUSINESS PHONE: 5853527777 MAIL ADDRESS: STREET 1: 35 VANTAGE POINT DRIVE CITY: ROCHESTER STATE: NY ZIP: 14624 FORMER COMPANY: FORMER CONFORMED NAME: TRANSMATION INC DATE OF NAME CHANGE: 19920703 8-K 1 transcat3332821-8k.htm CURRENT REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

October 30, 2017

Transcat, Inc.

(Exact name of registrant as specified in its charter)

Ohio	000-03905	16-0874418
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

35 Vantage Point Drive, Rochester, New York		14624
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code

585-352-7777

(Former name or former address, if changed since last report)

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)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01

Entry into a Material Definitive Agreement.

On October 30, 2017, Transcat, Inc. (the “Company”) entered into the Amended and Restated Credit Facility Agreement (the “Restated Agreement”) with Manufacturers and Traders Trust Company (the “Bank”), that amends and restates in its entirety the Company’s existing Credit Facility Agreement dated as of September 20, 2012, as amended by Amendment 1 dated as of August 26, 2014, Amendment 2 dated as of December 30, 2015 and Amendment 3 dated as of March 31, 2016. The Restated Agreement extends the term of the Company’s $30.0 million revolving credit facility with the Bank until October 29, 2021. The Restated Agreement also increases the amount of the Company’s outstanding term loan with the Bank from $10.0 million to $15.0 million and extends the term loan maturity date to October 29, 2022. The Restated Agreement now requires principal repayments of approximately $0.2 million per month plus interest with respect to the term loan until maturity when the entire remaining principal amount and accrued and unpaid interest will be due. No financial covenants were changed in the Restated Agreement.

In addition, the Restated Agreement modifies the Applicable Rate used to determine interest charges on outstanding borrowings under the revolving credit facility and the term loan, and unused commitment fees, with such changes resulting in a lower Applicable Rate, and amends the definition of Permitted Acquisition to increase borrowings available under the Revolving Credit Facility for Acquisitions in any Fiscal Year from $15 million to $20 million. Terms used herein and otherwise not defined have the meanings given them in the Restated Agreement.

The foregoing summary of the Restated Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Restated Agreement intended to be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 23, 2017.

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 under Item 1.01 is incorporated herein by reference.

SIGNATURES

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.

		TRANSCAT, INC.


Dated: November 2, 2017	By:	/s/ Michael J. Tschiderer
		Michael J. Tschiderer
		Vice President of Finance and Chief Financial Officer