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Form 8-K MICREL INC For: Apr 30

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May 6, 2015 4:08 PM EDT

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): April 30, 2015


MICREL, INCORPORATED
(Exact name of Registrant as specified in its charter)

California
94-2526744
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
 

2180 Fortune Drive, San Jose, CA       95131
(Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code: (408) 944-0800


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))







INFORMATION TO BE INCLUDED IN REPORT

Item 1.01. Entry into a Material Definitive Agreement. 

On April 30, 2015, Micrel, Incorporated (the “Company”) and Bank of the West agreed to an extension of the expiration date, from April 30, 2015 to July 31, 2015, of the Credit Agreement dated as of May 7, 2009, as amended on April 11, 2011 and April 19, 2013, by and between the Company and Bank of the West providing for a $5.0 million line of credit (the “Credit Agreement”).

No other changes were made to the terms of the Credit Agreement. The extension to the Credit Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by this 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 in its entirety in this Item 2.03.

Item 9.01. Financial Statements and Exhibits.
(d) The following items are filed as exhibits to this report:
 
 
10.1
Extension to Credit Agreement, dated as of April 30, 2015, by and between Bank of the West and Micrel, Incorporated.


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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.

 
 
 
 
 
 
MICREL, INCORPORATED
 
 
 
(the Registrant)
 
 
 
 
 
 
By:
 /s/ ROBERT E. DEBARR
 
 
 
Robert E. DeBarr
 
 
 
Chief Financial Officer and Vice President of Finance and Human Resources
 
 
 
(Principal Financial and Accounting Officer)
 
 
 
 
 

Dated: May 6, 2015

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INDEX TO EXHIBITS
 
Exhibit No.
  
Description of Exhibit
 
 
10.1
 
Extension to Credit Agreement, dated as of April 30, 2015, by and between Bank of the West and Micrel, Incorporated.
 








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Exhibit 10.1



April 30, 2015

MICREL, INCORPORATED
2180 Fortune Drive
San Jose, CA 95131

Re: Extension of Credit Facilities

Dear Mr. Raymond D. Zinn and Mr. Robert E. DeBarr:

This letter will confirm that the expiration date of the credit facilities evidenced by that certain Credit Agreement dated May 7, 2009, as amended (the “Credit Agreement”) between Bank of the West, a California banking corporation (the “Bank”) and MICREL, INCORPORATED (the “Borrower”) is extended to July 31, 2015. All other terms and conditions of the Credit Agreement will remain unchanged.

Neither this extension or any subsequent discussions or negotiations between the Bank and you shall be construed as any commitment by the Bank to further extend the maturity date provided for herein.

The undersigned acknowledges the extension of the Credit Agreement on the above stated terms and, in consideration thereof, represents and warrants to the Bank that:

1.
Each and all of the representations and warranties contained in the Credit Agreement are true and correct as if made as of the date of this letter.

2.
No event has occurred and is continuing or would result from this Amendment which constitutes an Event of Default (as defined in the Credit Agreement) under the Credit Agreement, or would constitute an Event of Default but for the requirement that notice be given or time elapse or both.

After acknowledging below, please return this letter to Helen Huang via email using the following email address [email protected] with originals to follow.

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Bank of the West
a California banking corporation
 
 
By:
/s/ Helen Huang
 
Helen Huang, Vice President


Borrower:
 
MICREL, INCORPORATED
 
 
BY:
/s/ Ray Zinn
 
Raymond D. Zinn, President & CEO
 
 
BY:
/s/ Robert E. DeBarr
 
Robert E. DeBarr, CFO
 
 
 
 




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