<SEC-DOCUMENT>0001171843-12-003483.txt : 20120926
<SEC-HEADER>0001171843-12-003483.hdr.sgml : 20120926
<ACCEPTANCE-DATETIME>20120926160250
ACCESSION NUMBER:		0001171843-12-003483
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120920
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of 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:		20120926
DATE AS OF CHANGE:		20120926

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:		121111133

	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
</SEC-HEADER>
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<FILENAME>f8k_092612.htm
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported)</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 20, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Registrant's telephone number, including area code</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.01</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The disclosure set forth under Item 2.03 is incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.02</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September 20, 2012, Transcat, Inc. (&#8220;Transcat&#8221; or the &#8220;Company&#8221;) terminated its Credit Agreement dated as of November 20, 2006, as amended (the &#8220;Chase Credit Agreement&#8221;), with JPMorgan Chase Bank, N.A. (&#8220;Chase&#8221;).&#160;&#160;There were no material relationships between Transcat or its affiliates and Chase other than in respect of the Chase Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chase Credit Agreement provided for a revolving credit facility in the amount of $15.0 million (the &#8220;Chase Facility&#8221;).&#160;&#160;Interest on the Chase Facility accrued, at Transcat&#8217;s election, at either a base rate, as defined in the agreement, or the London Interbank Offered Rate (LIBOR), in each case, plus a margin.&#160;&#160;Commitment fees accrued based on the average daily amount of unused credit available on the Chase Facility.&#160;&#160;Interest and commitment fees were adjusted on a quarterly basis based upon the Company&#8217;s calculated leverage ratio, as defined in the agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chase Credit Agreement contained certain covenants with which the Company had to comply, including a fixed charge ratio covenant and a leverage ratio covenant.&#160;&#160;Borrowings under the Chase Facility were secured by a security interest in all of the personal property of Transcat and three of its wholly-owned domestic subsidiaries.&#160;&#160;The Company also pledged 65% of the common stock of Transmation (Canada) Inc., its wholly-owned Canadian subsidiary, and 100% of the common stock of Transcat Acquisition Corp. as collateral security for the loans made under the Chase Facility.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transcat terminated the Chase Credit Agreement in connection with entering into a credit facility agreement with Manufacturers and Traders Trust Company on September 20, 2012, as described under Item 2.03 below.&#160;&#160;The aggregate payoff amount Transcat paid Chase was $9,053,641, which consisted of principal, interest and fees due under the Chase Facility.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sheet Arrangement of a Registrant.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September 20, 2012, Transcat entered into a Credit Facility Agreement (the &#8220;M&amp;T Credit Agreement&#8221;) with Manufacturers and Traders Trust Company (&#8220;M&amp;T&#8221;).&#160;&#160;There are no material relationships between Transcat or its affiliates and M&amp;T other than in respect of the M&amp;T Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The M&amp;T Credit Agreement provides for a three-year revolving credit facility in the amount of $20.0 million (the &#8220;M&amp;T Facility&#8221;) and replaces the Chase Facility, which was set to expire on January 15, 2014.&#160;&#160;In addition to refinancing the Company&#8217;s then existing debt under the Chase Facility, Transcat will use the M&amp;T Facility for working capital, capital expenditures, acquisitions (limited to $10.0 million in any given fiscal year), stock repurchases (subject to certain limitations) and general corporate purposes.&#160;&#160;The M&amp;T Facility also includes a letters of credit sub-facility with a $2.0 million sub-limit.&#160;&#160;The amount of any outstanding letters of credit will reduce availability under the M&amp;T Facility accordingly.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest on loans under the M&amp;T Facility will be payable monthly and will accrue, at Transcat&#8217;s election, at either (i) the one-month LIBOR rate, adjusting daily, or (ii) a fixed rate for a designated one-month, two-month, three month or six-month period at the LIBOR rate corresponding to such period, in each case, plus a margin.&#160;&#160;The margin is adjusted on a quarterly basis pursuant to a grid based on Transcat&#8217;s rolling four quarter ratio of funded debt to EBITDA (as such term is defined in the M&amp;T Credit Agreement).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The M&amp;T Facility will terminate on September 20, 2015 and at such time, all principal and interest outstanding will be due and payable in full.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unused facility fees under the M&amp;T Facility, which are based on the average daily amount of unused credit available, will be payable quarterly and accrue pursuant to a margin that is also adjusted on a quarterly basis pursuant to a grid based on Transcat&#8217;s rolling four quarter ratio of funded debt to EBITDA (as such term is defined in the M&amp;T Credit Agreement).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The M&amp;T Credit Agreement contains customary representations and warranties and affirmative and negative covenants, financial covenants that require compliance with fixed charge coverage and leverage ratios, and customary events of default.&#160;&#160;The agreement limits the amount of dividends the Company can issue to $3.0 million between September 20, 2012 and the fiscal year ending on or about March 31, 2014.&#160;&#160;During the same period, stock repurchases and dividends are limited to an aggregate of $10.0 million.&#160;&#160;Stock repurchases and dividends will be limited to an aggregate of $3.0 million in any fiscal year thereafter.&#160;&#160;Transcat may prepay all revolving credit loans under the M&amp;T Facility at any time without premium or penalty, subject to customary LIBOR breakage fees.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Borrowings under the M&amp;T Facility will be secured by a security interest in all of the personal property and fixtures of Transcat and three of its wholly-owned domestic subsidiaries (Anacor Acquisition, LLC, United Scale &amp; Engineering Corporation and WTT Real Estate Acquisition, LLC).&#160;&#160;The Company also pledged 65% of the common stock of Transmation (Canada) Inc., its wholly-owned Canadian subsidiary, and 100% of the equity of Anacor Acquisition, LLC and WTT Real Estate Acquisition, LLC as collateral security for loans made under the M&amp;T Facility.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A copy of the M&amp;T Credit Agreement will be filed as an exhibit to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 29, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/ John J. Zimmer</font></div>
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