Sonic Innovations Inc - Current report filing (8-K)
June 20 2008 - 2:36PM
Edgar (US Regulatory)
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 reported) June 17, 2008
SONIC INNOVATIONS, INC.
(Exact name
of registrant as specified in its charter)
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DELAWARE
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000-30335
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87-0494518
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(State or other jurisdiction of
incorporation or organization)
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(Commission file
number)
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(I.R.S. Employer
Identification No.)
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2795 East Cottonwood Parkway, Suite 660
Salt Lake City, UT 84121-7036
(Address of principal executive offices)
(801) 365-2800
(Registrants telephone number, including area code)
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:
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Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry Into a Material Definitive Agreement
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On June 13, 2008, Sonic Innovations GmbH, a German-subsidiary of Sonic Innovations, Inc., entered into a Second Amendment to the long-term loan with Commerzbank AG, a German bank. The original long-term loan by and between Sonic
Innovations GmbH and Commerzbank AG was dated July 29, 2003. On June 17, 2008, the Second Amendment released from the original long-term loan the requirement of a stand-by letter of credit which is currently supported by restricted cash of
approximately U.S. $5.2 million at Wells Fargo Bank N.A. Additionally, the Second Amendment states that all current loan utilization will bear interest at a rate of 9.60% per annum.
In connection with the Second Amendment, Sonic Innovations, Inc. entered into a Absolute Guarantee Agreement with Commerzbank AG. Pursuant to the
Absolute Guarantee Agreement, the remaining loan amount of 2,750,000 is guaranteed by the U.S. entity Sonic Innovations, Inc. The original long-term German loan was for 7,500,000 and was backed by a letter of credit. Other than as stated
above, the terms of the original loan remain the same with 250,000 being paid each quarter until the end of the loan.
On
June 20, 2008, Sonic Innovations, Inc. issued a press release announcing the Second Amendment to the long-term loan. A copy of the press release is attached as Exhibit 99.1.
Item 9.01
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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10.1
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Second Amendment to the long-term loan dated as of May 28, 2008 by and between Sonic Innovations GmbH and Commerzbank AG (English translation).
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99.1
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Sonic Innovations, Inc. press release dated June 20, 2008.
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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 duly authorized.
Dated: June 20, 2008.
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SONIC INNOVATIONS, INC.
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/s/ Michael M. Halloran
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Michael M. Halloran
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Vice President and Chief Financial Officer
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