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EX-10.1 - EX-10.1 - HARDINGE INCa11-31914_1ex10d1.htm
EX-10.2 - EX-10.2 - HARDINGE INCa11-31914_1ex10d2.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):  December 16, 2011

 

Hardinge Inc.
(Exact name of Registrant as specified in its charter)

 

New York

 

000-15760

 

16-0470200

(State or other jurisdiction of
incorporation or organization)

 

Commission file number

 

(I.R.S. Employer
Identification No.)

 

One Hardinge Drive, Elmira, NY 14902
(Address of principal executive offices) (Zip Code)

 

(607) 734-2281
(Registrant’s telephone number including area code)

 

N/A
(Former name or former address, if changed since last report.)

 

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:

 

o            Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 1.01  Entry Into a Material Definitive Agreement.

 

On December 16, 2011, Hardinge Inc. (“Hardinge” or the “Company”) entered into a modification of its existing credit facility with M&T Bank, formerly known as Manufacturers and Traders Trust Company, pursuant to which M&T Bank provides a revolving credit facility to Hardinge.  The modification increases the facility from $10 million to $25 million, reduces the interest rate from the daily one-month London Interbank Offered Rates (LIBOR) plus 5.00% per annum to LIBOR plus 3.50%, and extends the maturity date of the facility from March 31, 2012 to March 31, 2013.  All other terms of the credit facility remain the same.

 

The credit facility is secured by substantially all of the Company’s U.S. assets (exclusive of real property), a negative pledge on the Company’s headquarters in Elmira, NY and a pledge of 65% of the Company’s investment in Hardinge Holdings GmbH.  The credit facility is guaranteed by Hardinge Technology Systems, Inc., a wholly-owned subsidiary of the Company and owner of the real property comprising the Company’s world headquarters in Elmira, New York.  The credit facility does not include any financial covenants but does contain other customary representations, affirmative and negative covenants and events of default.

 

Item 2.03   Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth in Item 1.01 above is incorporated herein by reference.

 

Item 9.01   Financial Statements and Exhibits

 

10.1

Replacement Daily Adjusting Libor Revolving Line Note dated December 16, 2011 between Hardinge Inc. and M&T Bank.

 

 

10.2

Credit Agreement dated December 16, 2011 between Hardinge Inc. and M&T Bank.

 

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SIGNATURES

 

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.

 

 

 

HARDINGE INC.

 

 

Registrant

 

 

 

 

Date: December 20, 2011

By:

/S/ EDWARD J. GAIO

 

 

Edward J. Gaio

 

 

Vice President and Chief Financial Officer

 

 

(Principal Financial Officer)

 

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