<PAGE> 1
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): September 21, 2000
TRANSACT TECHNOLOGIES INCORPORATED
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 0-21121 06-1456680
(State or other jurisdiction (Commission file number) (I.R.S. employer
of incorporation) identification no.)
7 Laser Lane, Wallingford, CT 06492
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (203) 269-1198
<PAGE> 2
Item 5. Other Events
On September 21, 2000, TransAct Technologies Incorporated (the
"Company") entered into a new two-year Revolving Credit Agreement with Webster
Bank (the "Credit Agreement") expiring September 21, 2002. The Credit Agreement
replaced the Company's credit facility with Fleet Bank. Under the Credit
Agreement, the Company may borrow up to $12 million, based on certain financial
criteria of the Company at the time of any borrowing, for the purpose of
repaying borrowings under the credit facility with Fleet Bank and funding
working capital. Borrowings under the Credit Agreement bear a floating interest
at the higher of the "Prime Rate" as published in The Wall Street Journal or
one-half of one percent (1/2%) over the federal funds rate (as defined in the
Credit Agreement). Under certain circumstances, the Company may select a fixed
interest rate for a specified period of up to 90 days on borrowings based on the
current LIBOR rate (as adjusted as specified in the Credit Agreement) plus 2.5%,
which may be reduced to 2.25% on July 1, 2001 if there is no Event of Default
(as defined in the Credit Agreement). The Company will also pay a fee of
three-eighths of one percent (3/8%) on unused borrowing capacity under the
Credit Agreement. Borrowings under the Credit Agreement are secured by a lien on
all of the personal property assets of the Company. The Credit Agreement imposes
certain financial covenants on the Company and restricts the payment of
dividends on its common stock and the creation of other liens.
This summary of the Credit Agreement is qualified in its entirely by
reference to the text of the Credit Agreement filed as Exhibit 10.27 hereto.
Item 7. Financial Statements and Exhibits
<TABLE>
<CAPTION>
Exhibit Description
------- -----------
<S> <C>
10.27 Revolving Credit Agreement dated as of September 21,
2000 by and between TransAct Technologies
Incorporated and Webster Bank.
</TABLE>
- 2 -
<PAGE> 3
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.
TRANSACT TECHNOLOGIES INCORPORATED
By /s/ Richard L. Cote
-------------------------------
Richard L. Cote
Executive Vice President,
Chief Financial
Officer and Secretary
Date: October 11, 2000
- 3 -
<PAGE> 4
EXHIBIT LIST
The following exhibits are filed herewith.
<TABLE>
<CAPTION>
Exhibit Description
------- -----------
<S> <C>
10.27 Revolving Credit Agreement dated as of September 21,
2000 by and between TransAct Technologies
Incorporated and Webster Bank.
</TABLE>
- 4 -
