Attached files
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EX-10.1 - EX-10.1 - MTS SYSTEMS CORP | a16-11073_1ex10d1.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): May 10, 2016
MTS SYSTEMS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MINNESOTA |
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0-02382 |
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41-0908057 |
(STATE OR OTHER |
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(COMMISSION FILE |
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(IRS EMPLOYER |
JURISDICTION OF |
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NUMBER) |
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IDENTIFICATION NO.) |
INCORPORATION) |
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14000 TECHNOLOGY DRIVE
EDEN PRAIRIE, MN 55344
(ADDRESS OF PRINCIPAL
EXECUTIVE OFFICES,
INCLUDING ZIP CODE)
(952) 937-4000
(REGISTRANTS 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 communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant 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.
As previously announced, on April 5, 2016, MTS Systems Corporation (the Company) entered into a commitment letter (the Commitment Letter) with JPMorgan Chase Bank, N.A. (JPMorgan) providing JPMorgans commitments with respect to new debt financing to be utilized in connection with funding the Companys proposed acquisition of PCB Group, Inc. (the Merger).
On May 10, 2016, the Company entered into an amended and restated commitment letter (the Amended and Restated Commitment Letter) with JPMorgan, Wells Fargo Bank, N.A. (Wells Fargo Bank), WF Investment Holdings, LLC (WFIH), Wells Fargo Securities, LLC (Wells Fargo Securities), U.S. Bank National Association (U.S. Bank), HSBC Bank USA, N.A. (HSBC Bank) and HSBC Securities (USA) Inc. (HSBC Securities and together with JPMorgan, Wells Fargo Bank, WFIH, Wells Fargo Securities, U.S. Bank and HSBC Bank, the Commitment Parties), which replaced and superseded the Commitment Letter and the commitments contemplated thereby in its entirety.
Subject to the various terms and conditions set forth in the Amended and Restated Commitment Letter, certain of the Commitment Parties have committed to provide, in the aggregate: 100% of the Senior Secured Facilities (as defined below) and 100% of the Bridge Facility (as defined below).
As set forth in the Amended and Restated Commitment Letter, it is intended that the Company will obtain (i) senior secured credit facilities (the Senior Secured Facilities) consisting of a $100.0 million revolving credit facility and a $390.0 million term loan B facility and (ii) $250.0 million in gross cash proceeds from (a) the issuance of senior unsecured notes (the Senior Notes) and/or (b) if the Company is unable to issue the full amount of the Senior Notes at or prior to the closing of the Merger, a senior unsecured bridge facility (the Bridge Facility) in an amount equal to $250.0 million minus any gross cash proceeds received by the Company from the issuance of any Senior Notes or from other debt or equity financing transactions entered into for the purpose of financing the Merger or related transaction costs.
JPMorgan and Wells Fargo Securities will act as joint lead arrangers and joint bookrunners for the Senior Secured Facilities, any increase in the amount of the Senior Secured Facilities, and the Bridge Facility.
The foregoing description of the Amended and Restated Commitment Letter does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Commitment Letter, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference in this Current Report on Form 8-K.
This Current Report on Form 8-K contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, the terms and conditions of certain planned financing for the Merger. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially
from those anticipated, including the following: (1) the Merger may not be completed, or completed within the expected timeframe; (2) costs relating to the Merger (including in respect of the financing of the Merger) may be greater than expected; (3) the conditions set forth in the Amended and Restated Commitment Letter may not be met; and (4) other factors identified under Risk Factors in Part I, Item 1A of the Companys Annual Report on Form 10-K for the fiscal year ended October 3, 2015, and updated in the Companys subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Amended and Restated Commitment Letter, dated May 10, 2016, by and among MTS Systems Corporation, JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., WF Investment Holdings, LLC, Wells Fargo Securities, LLC, U.S. Bank National Association, HSBC Bank USA, N.A. and HSBC Securities (USA) Inc.
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 hereunto duly authorized.
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MTS SYSTEMS CORPORATION | |
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(Registrant) | |
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Date: May 11, 2016 |
By: |
/s/ Jeffrey P. Oldenkamp |
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Jeffrey P. Oldenkamp |
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Senior Vice President and Chief Financial Officer |
EXHIBIT INDEX
Number |
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Description |
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Method of Filing |
10.1 |
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Amended and Restated Commitment Letter, dated May 10, 2016, by and among MTS Systems Corporation, JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., WF Investment Holdings, LLC, Wells Fargo Securities, LLC, U.S. Bank National Association, HSBC Bank USA, N.A. and HSBC Securities (USA) Inc. |
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Filed Electronically |