Amendment to Credit Facility
On August 29, 2008, XETA Technologies, Inc. (the Company) and Bank of Oklahoma, N.A., entered into the Sixth Amendment to Revolving Credit and Term Loan Agreement dated as of August 29, 2008.
The amendment replaces and renews the $7,500,000 Revolving Line Note through September 30, 2009. The amendment also revises (i) the funded debt to EBITDA ratio to not greater than 2.75 to 1; (ii) the minimum tangible net worth requirement to $11,000,000; and (iii) the ceiling on aggregate capital expenditures during any one fiscal year to $1,500,000.
The amendment and new promissory note are attached hereto as Exhibit 10.1 and 10.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Sixth Amendment to Revolving Credit and Term Loan Agreement.
10.2 Promissory Note for $7,500,000 dated August 29, 2008.
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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XETA Technologies, Inc. |
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(Registrant) |
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Dated: August 29, 2008 |
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: /s/ Robert B. Wagner |
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Robert B. Wagner, Chief Financial Officer |
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EXHIBIT INDEX
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SEC No. |
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Description |
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10.1 |
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Sixth Amendment to Revolving Credit and Term Loan Agreement. |
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10.2 |
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Promissory Note for $7,500,000 dated August 29, 2008. |