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AXCELIS TECHNOLOGIES INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement

August 21, 2014

Item 1.01 Amendment of a Material Definitive Agreement.

The Company has a Business Loan Agreement dated July 5, 2013, as amended, with Northern Bank & Trust Company (the "Bank") pursuant to which Axcelis Technologies, Inc. (the "Company") borrowed $15.0 million secured by the Company's real estate in Beverly, Massachusetts. All outstanding principal and interest on the term loan is due and payable on July 5, 2016. The Company and the Bank have further amended the Business Loan Agreement pursuant to a letter agreement dated August 18, 2014 (and signed by the Company on August 20, 2014) to defer the effectiveness of a debt service ratio covenant until December 31, 2014. Accordingly, commencing with the quarter ending December 31, 2014, the Company's quarterly net operating income multiplied by 4 must be not less than the actual annual debt service over the twelve months following the start of such quarter, multiplied by 1.45. All other terms of the Business Loan Agreement remain in effect.



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Source: Edgar Glimpses

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