- Current report filing (8-K)
February 04 2009 - 2:27PM
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 event reported):
January 29, 2009
ETHAN ALLEN
INTERIORS INC.
(Exact name of
registrant as specified in its charter)
Delaware
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1-11692
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06-1275288
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(State or other jurisdiction of
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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incorporation)
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Ethan Allen Drive
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Danbury, CT
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06811
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
(203)
743-8000
Not
Applicable
(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):
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
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
SECTION 1 REGISTRANTS BUSINESS AND OPERATIONS
Item 1.01 Entry into a Material
Definitive Agreement
On January 29, 2009,
Ethan Allen Interiors Inc. and its subsidiaries (collectively, Ethan Allen or
the Company) amended its five-year, $200 million unsecured revolving credit
facility with J.P. Morgan Chase Bank N.A. (JP Morgan), as administrative
agent, and certain other lenders (the Amendment). The agreement was originally entered into in July 2005,
and expires in July 2010. The
Amendment reduced the line to $100 million and contains various covenants which
may limit our ability to incur debt; engage in mergers and consolidations; make
restricted payments; sell certain assets; make investments; and issue stock. We
are also required to meet certain financial covenants including a fixed charge
coverage ratio, which shall not be less than 1.75 to 1 for any period of four
consecutive fiscal quarters ended on or after December 31, 2008, and a
leverage ratio, which shall not be greater than 3.25 to 1 at any time. This facility includes sub-facilities for
trade and standby letters of credit of $25.0 million and swingline loans of
$5.0 million. The amended facility also
contains a triggering lien against accounts receivable and inventory if the
fixed charge coverage ratio falls below 2.00 to 1 and this measure would also
limit cash dividends for the subsequent quarter to $4.0 million. Ethan Allen
paid the lenders a customary fee for entering into the Amendment, and increased
the fees and interest rates under the Amendment.
1
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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ETHAN
ALLEN INTERIORS INC.
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Date:
February 4, 2009
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By:
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/s/
David R. Callen
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David
R. Callen
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Vice President, Finance and
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Treasurer
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2
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