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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2015
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

 

13.SUBSEQUENT EVENTS

 

Acquisition of Heidrive

 

In January, 2016, the Company, through its wholly-owned subsidiary, Allied Motion Technologies B.V., entered into a Share Purchase Agreement (the “Purchase Agreement”) to purchase all of the outstanding equity interests of Heidrive GmbH, a German limited liability company (“Heidrive”) from palero fünf S.à r.l.

 

On January 12, 2016, the Company completed the acquisition for €20,000 (approximately US $22,000), which includes certain management performance bonuses to be paid after closing.

 

Credit and Note Agreement amendments

 

On January 8, 2016, the Company entered into a First Amendment and Consent (the “Amendment”) to the Credit Agreement (as described in Note 6) with Bank of America, N.A., as administrative agent, and the lenders party thereto.  Pursuant to the Amendment, the administrative agent and lenders consented to the Company’s acquisition of Heidrive GmbH, and that such acquisition would not reduce the acquisition basket under the Credit Agreement.  The Amendment also amends the Credit Agreement to increase the revolving credit facility from $15,000 to $30,000 and the foreign revolving sublimit from $10,000 to $25,000.

 

On January 8, 2016, the Company entered into a Consent and Amendment No. 3 (the “Note Amendment”) to the Note Agreement with Prudential Capital Partners IV, L.P. and its affiliates (as described in Note 6).  Pursuant to the Note Amendment, the note holders consented to the Company’s acquisition of Heidrive GmbH and that such acquisition would not reduce the acquisition basket under the Note Agreement.