<SEC-DOCUMENT>0001206774-20-001685.txt : 20200522
<SEC-HEADER>0001206774-20-001685.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200522163021
ACCESSION NUMBER:		0001206774-20-001685
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200518
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:		20200522
DATE AS OF CHANGE:		20200522

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:			0328

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03905
		FILM NUMBER:		20906345

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>transcat3763611-8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<div>
<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT size=3 face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman">FORM 8-K</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">CURRENT REPORT<BR></FONT></B><B><FONT size=3 face="Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P>
<DIV align=center>
<TABLE style="WIDTH: 80%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="67%" noWrap align=left><FONT size=2 face="Times New Roman">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="32%" noWrap align=center><B><FONT size=3 face="Times New Roman">May 18, 2020 </FONT></B></TD></TR></TABLE></DIV><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" align=center><B><FONT size=5 face="Times New Roman">Transcat, Inc</FONT></B><FONT size=5 face="Times New Roman">.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="100%" noWrap><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">Ohio</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">000-03905</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">16-0874418</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(State or other jurisdiction</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(Commission</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(IRS Employer</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">of incorporation)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">File Number)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">Identification No.)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="66%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman"><B><FONT size=3 face="Times New Roman">35 Vantage Point Drive, Rochester, New York</FONT></B></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><FONT size=2 face="Times New Roman"><B><FONT size=3 face="Times New Roman">14624</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="66%" colSpan=2 noWrap><FONT size=2 face="Times New Roman">(Address of principal executive offices)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">(Zip Code)</FONT></FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 80%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="67%" noWrap align=left><FONT size=2 face="Times New Roman">Registrant's telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="32%" noWrap align=center><B><FONT size=3 face="Times New Roman">585-352-7777</FONT></B></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD style="TEXT-ALIGN: center" width="99%" noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-TOP: #000000 1pt solid" width="99%" noWrap align=center><FONT size=2 face="Times New Roman">(Former name or former address, if changed since last report)</FONT></TD></TR></TABLE><BR>
<DIV style="PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">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:</FONT></DIV>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE><BR>
<DIV style="PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; MARGIN-LEFT: -15pt; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">Securities registered pursuant to Section 12(b) of the Act:</FONT></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Title of each class </FONT></TD>
   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Trading Symbol(s) </FONT></TD>
   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Name of each exchange on which registered</FONT></TD></TR>
<TR>
   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Common Stock, $0.50 par value</FONT></TD>
   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">TRNS</FONT></TD>
   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Nasdaq Global Market</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt"><FONT size=2 face="Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt"><FONT size=2 face="Times New Roman">Emerging growth company &#9744;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt"><FONT size=2 face="Times New Roman">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. &#9744;</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 1.01 Entry into a Material Definitive Agreement.</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">On May 18, 2020</FONT><FONT size=2 face="Times New Roman">, Transcat, Inc. (the &#8220;Company&#8221;) entered into the Amended and Restated Credit Facility </FONT><FONT size=2 face="Times New Roman">Agreement Amendment 2 </FONT><FONT size=2 face="Times New Roman">(&#8220;Amendment </FONT><FONT size=2 face="Times New Roman">Two</FONT><FONT size=2 face="Times New Roman">&#8221;) with Manufacturers and Traders Trust Company that amended the Company&#8217;s Amended and Restated Credit </FONT><FONT size=2 face="Times New Roman">Facility Agreement dated as of October 30, 2017, as amended pursuant to Amended and Restated Credit Facility Agreement Amendment 1 dated as of December 10, 2018 (collectively, the </FONT><FONT size=2 face="Times New Roman">&#8220;Credit Facility Agreement&#8221;)</FONT><FONT size=2 face="Times New Roman">. Amendment Two extended the term of the Revolving Credit Facility to October 20, 2022 and increased the Revolving Credit Commitment to $40 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Amendment Two modified the definition of Applicable Rate used to determine interest charges on outstanding and unused borrowings under the revolving credit facility and it amended the definition of Permitted Acquisitions to amend borrowings available under the Revolving Credit Facility for Acquisitions. In addition, Amendment Two amended the definition of Restricted Payments to exclude amounts up to $2.5 million during each fiscal year used to pay certain tax obligations and added certain </FONT><FONT size=2 face="Times New Roman">restrictions to the Company&#8217;s ability to repurchase its shares and pay </FONT><FONT size=2 face="Times New Roman">dividends. Amendment Two modified the Leverage Ratio and Fixed Charge Coverage Ratio covenants with which the Company is required to comply and limited Capital Expenditures to $5.5 million for the fiscal year ending March 31, 2021. Amendment Two also established a LIBOR floor of 1% and included a mechanism for adoption of a different benchmark rate in the event LIBOR is discontinued.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">All other material terms and conditions of the Credit Facility Agreement remain unchanged. Terms used herein and otherwise not defined have the meanings given them in the Credit Facility Agreement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing summary of Amendment Two does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment Two intended to </FONT><FONT size=2 face="Times New Roman">be filed as an exhibit to the Company&#8217;s Quarterly Report </FONT><FONT size=2 face="Times New Roman">on Form 10-Q for the quarter ending June 27, 2020.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The information set forth under Item 1.01 is incorporated herein by reference.</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>




<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">SIGNATURES</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">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.</FONT></P>
<TABLE style="WIDTH: 100%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD style="WIDTH: 35%; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WIDTH: 64%; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></B></TD></TR>
<TR>
   <TD colSpan=3>&nbsp;</TD></TR>
<TR>
   <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Dated: May 22, 2020</FONT></TD>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;</FONT></TD>
   <TD style="WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;/s/ Michael J. Tschiderer</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT>Michael J. Tschiderer</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>
   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT>Vice President of Finance and Chief Financial Officer</FONT></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>



</div>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
