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| FARO > SEC Filings for FARO > Form 8-K on 24-Nov-2008 | All Recent SEC Filings |
24-Nov-2008
Creation of a Direct Financial Obligation or an Obligation under an Off-Bal
On November 21, 2008, FARO Technologies, Inc. (the "Company") entered into a First Amendment (the "First Amendment") to the Amended and Restated Loan Agreement, dated as of July 11, 2006, between the Company and SunTrust Bank (the "Loan Agreement"). The Loan Agreement provides for a revolving loan commitment of $30 million.
As described below, the Company announced on November 24, 2008 the approval of a share repurchase program for up to $30 million. The First Amendment provides that so long as no default or event of default (each as defined in the Loan Agreement) has occurred and is continuing or would result therefrom, the Company may make payments for the repurchase of outstanding capital stock of the Company in an aggregate amount not to exceed $50 million during the term of the Loan Agreement. The other material provisions of the Loan Agreement remain unchanged.
The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the First Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
On November 24, 2008, the Company issued a press release announcing that its Board of Directors has approved a share repurchase program. Under the share repurchase program the Company is authorized to acquire up to $30 million of the Company's common stock. Acquisitions for the share repurchase program will be made from time to time at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The share repurchase program may be discontinued at any time. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
See the Exhibit Index set forth below for a list of exhibits included with this Current Report on Form 8-K.
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