Attached files
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EX-99.1 - Symmetry Medical Inc. | v201609_ex99-1.htm |
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): November 3, 2010
SYMMETRY
MEDICAL INC.
(Exact
name of Registrant as specified in its charter)
Delaware
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001-32374
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35-1996126
|
||
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
3724
N State Road 15, Warsaw, Indiana 46582
(Address
of Principal executive offices, including Zip Code)
(574)
268-2252
(Registrant’s
telephone number, including area code)
(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 (see General Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item 1.01 Entry Into A
Material Definitive Agreement
As reported in the Company’s November
3, 2010 press release, Symmetry Medical, Inc. has entered into a $200 million
senior secured revolving credit facility, effective November 3,
2010. The credit facility includes an “accordion feature” that
permits expansion of the borrowing capacity up to $300 million. The credit
facility has a term of five years.
Initial
borrowings of approximately $89 million under the credit facility were used to
retire existing debt, including the existing term loans and revolving credit
facility, due in June 2011. The balance of the facility is available
for general corporate and working capital requirements, international expansion
and permitted acquisitions.
The new
credit facility is priced at LIBOR plus an applicable percentage, ranging from
175 basis points to 275 basis points, based on the Company’s leverage
ratio.
J.P.
Morgan Securities LLC and Wells Fargo Bank Securities, LLC acted as Joint Lead
Arrangers and Joint Bookrunners for the credit facility and Periculum Capital
Company, LLC served as placement agent. JPMorgan Chase Bank, N.A. was
Administrative Agent and Wells Fargo Bank, National Association was Syndication
Agent. Bank of America, N.A., Fifth Third Bank and PNC Bank, National
Association served as Co-Documentation Agents. Other participating
lenders include The Northern Trust Company and U.S. Bank National
Association.
Item
9.01. Financial Statements and Exhibits
(d)
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Exhibits
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99.1
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Credit
Agreement with J.P. Morgan as Administrative
Agent.
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2
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.
Symmetry
Medical Inc.
|
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/s/
Fred L. Hite
|
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Date:
November 9, 2010
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Name:
Fred L. Hite
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Title:
Chief Financial Officer
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