Attached files
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EX-10.1 - WAIVER LETTER - Bronco Drilling Company, Inc. | exhibit10_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): February 9, 2010
___________
BRONCO
DRILLING COMPANY, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware
(State
or other jurisdiction of incorporation)
|
000-51471
(Commission
File Number)
|
20-2902156
(I.R.S.
Employer
Identification
Number)
|
16217
North May Avenue
Edmond,
OK
(Address
of principal
executive
offices)
|
73013
(Zip
code)
|
|
(405)
242-4444
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
|
Check the
appropriate box below if the Form 8-K is intended to simultaneously satisfy the
filing obligation of the Registrant under any of the following
provisions:
o
|
Written
communications pursuant to Rule 425 under the Securities
Act
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange
Act
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
|
Item
1.01 Entry into a Material Definitive Agreement
On February 9, 2010, Banco Inbursa
S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa (“Inbursa”),
executed a waiver
letter under that certain Credit Agreement, dated September 17, 2009, by and
among Bronco Drilling Company, Inc. (the “Company”), certain subsidiaries
thereof, and Inbursa (the “Credit Agreement”). The waiver letter
waives the Company’s compliance with the maximum Total Leverage Ratio (as
defined in the Credit Agreement) covenant set forth in Section 6.15 of the
Credit Agreement through the quarter ended June 30, 2010, as well as any default
or event of default that may result from noncompliance with such covenant
through such period. The maximum Total Leverage
Ratio covenant requires the Company to maintain a ratio of
consolidated debt to consolidated earnings before interest, taxes, depreciation
and amortization for any four consecutive fiscal quarters of not less than 3.5
to 1.0.
The
descriptions of the waiver letter and the Credit Agreement set forth herein are
a summary, are not complete and are qualified in their entirety by reference to
the full text of such documents. A copy of the Credit Agreement was filed as
Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission on September 23, 2009.
(d)
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Exhibits
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Number
|
Exhibit
|
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10.1
|
Waiver
Letter, dated February 9, 2010, by and between Bronco Drilling Company,
Inc. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo
Financiero Inbursa
|
|
SIGNATURE
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 thereunto
duly authorized.
BRONCO
DRILLING COMPANY, INC.
|
|
Date:
February 12, 2010
|
Matthew
S. Porter
Chief
Financial Officer
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Number
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Exhibit
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10.1
|
Waiver
Letter, dated February 9, 2010, by and between Bronco Drilling Company,
Inc. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo
Financiero Inbursa
|
|