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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;27, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LTX-Credence Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Massachusetts</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>000-10761</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>04-2594045</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>825 University Avenue, Norwood, MA</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: 781-461-1000 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;27, 2013, LTX-Credence Corporation (&#147;LTX-Credence&#148;) entered into a credit agreement (the &#147;Credit
Agreement&#148;) with Everett Charles Technologies LLC (&#147;ECT&#148; and together with LTX-Credence, the &#147;Borrowers&#148;), Silicon Valley Bank, as lender, administrative agent and issuing lender (&#147;SVB&#148;), and the several lenders
from time to time party thereto (the &#147;Lenders&#148;). The Credit Agreement provides for a senior secured credit facility in favor of the Borrowers in the aggregate principal amount of up to $55,000,000 (the &#147;Facility&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Facility consists of a term loan facility for $50,000,000 that was advanced to the Company on November&nbsp;27, 2013 (the &#147;Term
Loan&#148;) and a revolving credit facility (including a letter of credit facility) for up to $5,000,000 (the &#147;Revolving Loan&#148; and, together with the Term Loan, the &#147;Loans&#148;) that is available from time to time for five years
after November&nbsp;27, 2013 (the &#147;Closing Date&#148;). Under the terms of the Credit Agreement, not more than one time during the period commencing on the Closing Date until the close of business on the date that is one day prior to the
42-month anniversary of the Closing Date, the Facility may be increased by an aggregate amount not to exceed $20,000,000 through an additional facility on a <I>pari passu</I> basis with the Term Loan, subject to specified conditions and the
agreement of one or more Lenders to participate therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All obligations under the Facility are secured by a first priority security
interest in substantially all of the Borrowers&#146; existing and future assets, including a pledge of the stock or other equity interests of the Borrowers&#146; domestic subsidiaries and of any first tier foreign subsidiaries, provided that not
more than 66% of the voting stock of any such foreign subsidiaries shall be required to be pledged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Credit Agreement requires that
the Term Loan be repaid in quarterly installments, with 5% of the principal due the first year, 7.5% of principal due the second year, 10% of principal due the third year, 12.5% of principal due the fourth year, 15% of principal due the fifth year,
and a final payment of $25 million due on the fifth anniversary of the Closing Date (the &#147;Maturity Date&#148;). All outstanding Loans under the Facility mature on the Maturity Date unless earlier payment is required under the terms of the
Credit Agreement. The Term Loan is subject to mandatory prepayment as described in the Credit Agreement. Loans outstanding under the Facilities may, at the Borrowers&#146; option, be prepaid at any time in whole or in part without premium or
penalty, other than customary breakage costs, if any, subject to the terms and conditions of the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrowings made under
the Facility bear interest, at a base rate plus a margin (such margin not to exceed a per annum rate of 2.50%) based on a ratio of consolidated senior debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the
&#147;Leverage Ratio&#148;), or at a LIBOR rate plus a margin (such margin not to exceed a per annum rate of 3.50%) based on the Leverage Ratio. The interest rate otherwise payable under the Facility will be subject to increase by 2.0%&nbsp;per
annum during the continuance of a payment default and may be subject to increase by 2.0%&nbsp;per annum during the continuance of any other event of default. Certain customary fees and expenses are also payable in connection with the Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The proceeds of the Term Loan were primarily used to fund the purchase price with respect to the Acquisition (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Credit Agreement contains customary affirmative and negative covenants, subject in certain cases to baskets and exceptions, including
negative covenants with respect to indebtedness, liens, fundamental changes, dispositions, restricted payments, investments, ERISA matters, matters relating to subordinated debt, affiliate transactions, sale and leaseback transactions, swap
agreements, accounting changes, negative pledge clauses, clauses restricting subsidiary distributions, lines of business, amendments to certain documents and use of proceeds. The Credit Agreement also contains customary reporting and other
affirmative covenants. The Credit Agreement contains a consolidated fixed charge coverage ratio, consolidated leverage ratio and liquidity requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of LTX-Credence under the Facility may be accelerated upon the occurrence of an event of default under the Credit Agreement,
which includes customary events of default, including payment defaults, the inaccuracy of representations or warranties, the failure to comply with covenants, ERISA defaults, judgment defaults, bankruptcy and insolvency defaults and cross defaults
to material indebtedness. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Credit Agreement is not complete and is qualified in its
entirety by reference to the text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;1, 2013, LTX-Credence completed the previously announced purchase from Dover Printing&nbsp;&amp; Identification, Inc.
(&#147;Dover&#148;) or its specified affiliates (together with Dover, the &#147;Sellers&#148;) all assets of the Sellers used exclusively or primarily in connection with Dover&#146;s ECT and MT businesses (collectively, the &#147;Acquired
Businesses&#148;) pursuant to the Master Sale and Purchase Agreement, dated September&nbsp;6, 2013 (the &#147;Purchase Agreement&#148;), with Dover and, solely for the limited purposes set forth in the Purchase Agreement, Dover Corporation
(&#147;Dover Parent&#148;). Pursuant to the Purchase Agreement, LTX-Credence also acquired all of the issued and outstanding capital stock and other equity interests of specified indirect subsidiaries of Dover Parent and its affiliates that were
engaged in the Acquired Businesses, including Everett Charles Technologies LLC. The asset and share purchase transactions effected pursuant to the Purchase Agreement are collectively referred to as the &#147;Acquisition.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Purchase Agreement, in connection with the closing of the Acquisition LTX-Credence paid the Sellers an aggregate purchase
price of $93,500,000, of which $73,500,000 was paid in cash through a combination of existing cash-on-hand and bank debt and $20,000,000 was paid by the issuance of a promissory note by LTX-Credence to Dover in the original principal amount of
$20,000,000. The cash purchase price is subject to a post-closing working capital adjustment, and will be increased by an amount equal to specified cash balances held by the Sellers as of the closing and decreased by an amount equal to any acquired
indebtedness and the amount of certain transaction costs and employee related liabilities of the Sellers as of the closing. Subject to certain conditions, the original principal amount of the promissory note is also subject to reduction upon written
certification from LTX-Credence to Dover prior to January&nbsp;1, 2015 of certain specified events related to LTX-Credence&#146;s relocation from or refurbishment of certain properties of the Acquired Businesses, or the prepayment of the promissory
note in full prior to such date. The promissory note accrues interest on the unpaid balance for each day that it remains outstanding after December&nbsp;1, 2014 at a per annum rate equal to the London Interbank Offered Rate plus 10%, and may be
prepaid by LTX-Credence at any time without penalty prior to May&nbsp;1, 2019. On or prior to December&nbsp;1, 2013, LTX-Credence and Dover, or their affiliates, respectively, also entered into a transition services agreement, an intellectual
property termination agreement and a license agreement which govern certain ongoing relationships between LTX-Credence and Dover and their respective affiliates following the closing. Pursuant to the Purchase Agreement, LTX-Credence has also agreed
to assume certain liabilities related to the Acquired Businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Acquisition is not complete and is
qualified in its entirety by reference to the text of the Purchase Agreement, a copy of which was filed as Exhibit 2.1 to LTX-Credence&#146;s Current Report on Form 8-K filed with the Securities and Exchange Commission on September&nbsp;9, 2013.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
December&nbsp;2, 2013, the Company issued a press release announcing the closing of the Acquisition. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)
Financial Statements of Business Acquired </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial statements required by Item&nbsp;9.01(a) of Form 8-K, with respect to the
acquisition described in Item&nbsp;2.01 herein, will be filed by amendment to this Current Report on Form 8-K not later than 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item&nbsp;2.01.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Pro Forma Financial Information </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The pro forma financial information required by Item&nbsp;9.01(b) of Form 8-K, with respect to the acquisition described in Item&nbsp;2.01
herein, will be filed by amendment to this Current Report on Form 8-K not later than 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item&nbsp;2.01. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See Exhibit Index attached hereto.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">LTX-CREDENCE CORPORATION</TD></TR>
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<TD VALIGN="top">Date: December&nbsp;2, 2013</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark J. Gallenberger</P></TD></TR>
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<TD VALIGN="top">Mark J. Gallenberger</TD></TR>
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<TD VALIGN="top">Vice President and Chief Financial Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Credit Agreement, dated November 27, 2013, among the Registrant, Everett Charles Technologies LLC, the Several Lenders from time to time party thereto and Silicon Valley Bank as Administrative Agent, Issuing Bank and
Lender.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release dated December 2, 2013</TD></TR>
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{"company-data": {"conformed-name": "LTX-CREDENCE CORP", "cik": "0000357020", "assigned-sic": "3825", "irs-number": "042594045", "state-of-incorporation": "MA", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-10761", "film-number": "131252430"}, "business-address": {"street1": "825 UNIVERSITY AVENUE", "city": "NORWOOD", "state": "MA", "zip": "02062", "phone": "7814611000"}, "mail-address": {"street1": "825 UNIVERSITY AVENUE", "city": "NORWOOD", "state": "MA", "zip": "02062"}, "former-company": {"former-conformed-name": "LTX CORP", "date-changed": "19920703"}}
8-K
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): November 27, 2013
LTX-Credence Corporation
(Exact Name of Registrant as Specified in its Charter)
Massachusetts
000-10761
04-2594045
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
825 University Avenue, Norwood, MA
02062
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: 781-461-1000
(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 (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
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
On November 27, 2013, LTX-Credence Corporation ("LTX-Credence") entered into a credit agreement (the "Credit
Agreement") with Everett Charles Technologies LLC ("ECT" and together with LTX-Credence, the "Borrowers"), Silicon Valley Bank, as lender, administrative agent and issuing lender ("SVB"), and the several lenders
from time to time party thereto (the "Lenders"). The Credit Agreement provides for a senior secured credit facility in favor of the Borrowers in the aggregate principal amount of up to $55,000,000 (the "Facility").
The Facility consists of a term loan facility for $50,000,000 that was advanced to the Company on November 27, 2013 (the "Term
Loan") and a revolving credit facility (including a letter of credit facility) for up to $5,000,000 (the "Revolving Loan" and, together with the Term Loan, the "Loans") that is available from time to time for five years
after November 27, 2013 (the "Closing Date"). Under the terms of the Credit Agreement, not more than one time during the period commencing on the Closing Date until the close of business on the date that is one day prior to the
42-month anniversary of the Closing Date, the Facility may be increased by an aggregate amount not to exceed $20,000,000 through an additional facility on a
pari passu
basis with the Term Loan, subject to specified conditions and the
agreement of one or more Lenders to participate therein.
All obligations under the Facility are secured by a first priority security
interest in substantially all of the Borrowers' existing and future assets, including a pledge of the stock or other equity interests of the Borrowers' domestic subsidiaries and of any first tier foreign subsidiaries, provided that not
more than 66% of the voting stock of any such foreign subsidiaries shall be required to be pledged.
The Credit Agreement requires that
the Term Loan be repaid in quarterly installments, with 5% of the principal due the first year, 7.5% of principal due the second year, 10% of principal due the third year, 12.5% of principal due the fourth year, 15% of principal due the fifth year,
and a final payment of $25 million due on the fifth anniversary of the Closing Date (the "Maturity Date"). All outstanding Loans under the Facility mature on the Maturity Date unless earlier payment is required under the terms of the
Credit Agreement. The Term Loan is subject to mandatory prepayment as described in the Credit Agreement. Loans outstanding under the Facilities may, at the Borrowers' option, be prepaid at any time in whole or in part without premium or
penalty, other than customary breakage costs, if any, subject to the terms and conditions of the Credit Agreement.
Borrowings made under
the Facility bear interest, at a base rate plus a margin (such margin not to exceed a per annum rate of 2.50%) based on a ratio of consolidated senior debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the
"Leverage Ratio"), or at a LIBOR rate plus a margin (such margin not to exceed a per annum rate of 3.50%) based on the Leverage Ratio. The interest rate otherwise payable under the Facility will be subject to increase by 2.0% per
annum during the continuance of a payment default and may be subject to increase by 2.0% per annum during the continuance of any other event of default. Certain customary fees and expenses are also payable in connection with the Facility.
The proceeds of the Term Loan were primarily used to fund the purchase price with respect to the Acquisition (as defined below).
The Credit Agreement contains customary affirmative and negative covenants, subject in certain cases to baskets and exceptions, including
negative covenants with respect to indebtedness, liens, fundamental changes, dispositions, restricted payments, investments, ERISA matters, matters relating to subordinated debt, affiliate transactions, sale and leaseback transactions, swap
agreements, accounting changes, negative pledge clauses, clauses restricting subsidiary distributions, lines of business, amendments to certain documents and use of proceeds. The Credit Agreement also contains customary reporting and other
affirmative covenants. The Credit Agreement contains a consolidated fixed charge coverage ratio, consolidated leverage ratio and liquidity requirements.
The obligations of LTX-Credence under the Facility may be accelerated upon the occurrence of an event of default under the Credit Agreement,
which includes customary events of default, including payment defaults, the inaccuracy of representations or warranties, the failure to comply with covenants, ERISA defaults, judgment defaults, bankruptcy and insolvency defaults and cross defaults
to material indebtedness.
The foregoing description of the Credit Agreement is not complete and is qualified in its
entirety by reference to the text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On December 1, 2013, LTX-Credence completed the previously announced purchase from Dover Printing & Identification, Inc.
("Dover") or its specified affiliates (together with Dover, the "Sellers") all assets of the Sellers used exclusively or primarily in connection with Dover's ECT and MT businesses (collectively, the "Acquired
Businesses") pursuant to the Master Sale and Purchase Agreement, dated September 6, 2013 (the "Purchase Agreement"), with Dover and, solely for the limited purposes set forth in the Purchase Agreement, Dover Corporation
("Dover Parent"). Pursuant to the Purchase Agreement, LTX-Credence also acquired all of the issued and outstanding capital stock and other equity interests of specified indirect subsidiaries of Dover Parent and its affiliates that were
engaged in the Acquired Businesses, including Everett Charles Technologies LLC. The asset and share purchase transactions effected pursuant to the Purchase Agreement are collectively referred to as the "Acquisition."
Pursuant to the Purchase Agreement, in connection with the closing of the Acquisition LTX-Credence paid the Sellers an aggregate purchase
price of $93,500,000, of which $73,500,000 was paid in cash through a combination of existing cash-on-hand and bank debt and $20,000,000 was paid by the issuance of a promissory note by LTX-Credence to Dover in the original principal amount of
$20,000,000. The cash purchase price is subject to a post-closing working capital adjustment, and will be increased by an amount equal to specified cash balances held by the Sellers as of the closing and decreased by an amount equal to any acquired
indebtedness and the amount of certain transaction costs and employee related liabilities of the Sellers as of the closing. Subject to certain conditions, the original principal amount of the promissory note is also subject to reduction upon written
certification from LTX-Credence to Dover prior to January 1, 2015 of certain specified events related to LTX-Credence's relocation from or refurbishment of certain properties of the Acquired Businesses, or the prepayment of the promissory
note in full prior to such date. The promissory note accrues interest on the unpaid balance for each day that it remains outstanding after December 1, 2014 at a per annum rate equal to the London Interbank Offered Rate plus 10%, and may be
prepaid by LTX-Credence at any time without penalty prior to May 1, 2019. On or prior to December 1, 2013, LTX-Credence and Dover, or their affiliates, respectively, also entered into a transition services agreement, an intellectual
property termination agreement and a license agreement which govern certain ongoing relationships between LTX-Credence and Dover and their respective affiliates following the closing. Pursuant to the Purchase Agreement, LTX-Credence has also agreed
to assume certain liabilities related to the Acquired Businesses.
The foregoing description of the Acquisition is not complete and is
qualified in its entirety by reference to the text of the Purchase Agreement, a copy of which was filed as Exhibit 2.1 to LTX-Credence's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 9, 2013.
Item 8.01 Other Events.
On
December 2, 2013, the Company issued a press release announcing the closing of the Acquisition. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a)
Financial Statements of Business Acquired
The financial statements required by Item 9.01(a) of Form 8-K, with respect to the
acquisition described in Item 2.01 herein, will be filed by amendment to this Current Report on Form 8-K not later than 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item 2.01.
(b) Pro Forma Financial Information
The pro forma financial information required by Item 9.01(b) of Form 8-K, with respect to the acquisition described in Item 2.01
herein, will be filed by amendment to this Current Report on Form 8-K not later than 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item 2.01.
(d) Exhibits
See Exhibit Index attached hereto.
SIGNATURE
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.
LTX-CREDENCE CORPORATION
Date: December 2, 2013
By:
/s/ Mark J. Gallenberger
Mark J. Gallenberger
Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
Credit Agreement, dated November 27, 2013, among the Registrant, Everett Charles Technologies LLC, the Several Lenders from time to time party thereto and Silicon Valley Bank as Administrative Agent, Issuing Bank and
Lender.
99.1
Press Release dated December 2, 2013