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COVANCE INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

June 6, 2014



Item 1.01. Entry into a Material Definitive Agreement.

On June 2, 2014, Covance Inc. (the "Company") amended and restated its existing Credit Agreement with PNC Bank, National Association, as agent, and the banks named therein (the "Credit Agreement"). The Credit Agreement provides for a revolving credit facility of up to $500,000,000 for a term of five years. The Credit Agreement contains the financial and other covenants substantially similar to those contained in the previous credit facility and is backed by guarantees of certain of the Company's domestic subsidiaries but is no longer collateralized by a pledge of 65 percent of the capital stock of certain of the Company's foreign subsidiaries. Interest on the outstanding borrowings under the Credit Agreement varies in accordance with the terms of the Credit Agreement and is presently based upon the London Interbank Offered Rate plus 100 Basis points. At June 2, 2014, the funding date for the Credit Agreement, there were outstanding borrowings in the amount of $89,000,000 and outstanding letters of credit in the amount of $2,864,204 under the Credit Agreement.

The forgoing description is qualified in its entirety by the Credit Agreement, which is filed as an Exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

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 above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits 10.1 Third Amended and Restated Credit Agreement dated June 2, 2014



with PNC Bank, National Association, as agent, and the banks named therein.

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Source: Edgar Glimpses


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