<SEC-DOCUMENT>0001009448-11-000097.txt : 20111104
<SEC-HEADER>0001009448-11-000097.hdr.sgml : 20111104
<ACCEPTANCE-DATETIME>20111104095211
ACCESSION NUMBER:		0001009448-11-000097
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20111103
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:		20111104
DATE AS OF CHANGE:		20111104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOVIE MEDICAL CORP
		CENTRAL INDEX KEY:			0000719135
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				112644611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31885
		FILM NUMBER:		111179606

	BUSINESS ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		5164215452

	MAIL ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AN CON GENETICS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>bovie8krecreditfacility.htm
<DESCRIPTION>BOVIE 8-K RE CREDIT FACILITY
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry into a Definitive Material Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On October 31, 2011, Bovie Medical Corporation (the &#8220;Company&#8221;) entered into a transaction with respect to the restructuring and reissuance of certain industrial revenue bonds (the &#8220;Bonds&#8221;) issued by the Pinellas County Industrial Development Authority.&#160;&#160;Previously, the Bonds were issued on November 1, 2008 and were secured by a direct pay letter of credit issued by RBC Bank (USA).&#160;&#160;The reissued bonds, which had an unpaid principal amount outstanding of $3,560,000 as of the closing, were purchased by PNC Bank, N.A.&#160;&#160;The obligations represented by the Bonds are secured by a first mortgage and security interest on the Company&#8217;s Clearwater, Florida facility and mature October 31, 2018.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally, the Company and PNC Bank, N.A. entered into a certain revolving credit agreement (the &#8220;Revolver&#8221;) and a certain non-revolving credit agreement (the &#8220;Equipment Loan,&#8221; and, together with the Revolver, the &#8220;Credit Agreements&#8221;).&#160;&#160;The Revolver provides for, among other things, a $6 million revolving credit facility.&#160;&#160;The Equipment Loan provides for, among other things, a $1 million credit facility, with a one year interest-only draw period ending October 31, 2012 (the &#8220;Conversion Date&#8221;), followed by an up to five (5) year term loan.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Revolver is available to the Company to be used for working capital and general corporate purposes and is subject to a borrowing base equal to 80% of eligible accounts receivable plus 50% of eligible inventory (each as defined in the Revolver).&#160;&#160;The Equipment Loan is available to finance the acquisition of equipment and machinery.&#160;&#160;Advances under the Equipment Loan may not exceed ninety percent (90%) of the purchase price of the equipment or machinery being purchased.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The maturity dates for the Revolver and Equipment Loan are October 31, 2013 and October 31, 2017, respectively.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrowings under the Revolver bear interest at the London Interbank Offered Rate (&#8220;LIBOR&#8221;) plus 1.75%.&#160;&#160;The Equipment Loan prior to conversion into the term loan bears interest on the unpaid balance at the rate of the LIBOR plus 2.25%.&#160;&#160;Following conversion into a term loan, interest on the unpaid balance of the Equipment Loan accrues at the rate of the LIBOR plus 2.50%.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Obligations (as defined in the Credit Agreements) are secured by substantially all of the Company&#8217;s personal property.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Credit Agreements contain customary financial covenants, including covenants that the Company maintain: (i) a ratio of total liabilities to Tangible Net Worth (as defined in the Credit Agreement) of not less 0.75:1.00, and (ii) a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.5:1.0.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Credit Agreements also contains other customary affirmative and negative covenants, and events of default.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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></div>

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