UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of report: September 10, 2007 (Date of earliest event reported: September
10, 2007)
RBC
BEARINGS INCORPORATED
(EXACT
NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Delaware
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333-124824
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95-4372080
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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One
Tribology Center
Oxford,
CT 06478
(Address
of Principal Executive Offices, Including Zip Code)
(203)
267-7001
(Registrant’s
Telephone Number, Including Area Code)
N/A
(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))
On
September 10, 2007 RBC Bearings Incorporated (“the Company”) and Roller Bearing
Company of America, Inc., (“RBCA”)
entered
into an amendment of the Credit Agreement, dated as of June 26, 2006 by and
between the Company, RBCA and KeyBank National Association, as Administrative
Agent and Lender and filed as Exhibit 99.1 on Form 8-K dated July 18, 2006.
A
description of the amendment is as follows:
The
Applicable Commitment Fee payable under the Credit Agreement was decreased
from
a range of 10 to 27.5 basis points, based on the Company’s Total Leverage Ratio
(the Company’s consolidated ratio of debt to adjusted EBITDA from time to time),
to a range of 7.5 to 20 basis points.
The
Applicable Margin payable under the Credit Agreement for revolving loans that
are base rate loans, based on the Company’s Total Leverage Ratio, was decreased
from a range of 0 to 75 basis points to a range of from 0 to 25 basis points.
The Applicable Margin payable under the Credit Agreement for revolving loans
that are fixed rate loans, based on the Company’s Total Leverage Ratio, was
decreased from a range of 62.5 to 165 basis points to a range of from 37.5
to
115 basis points.
The
covenant requiring the Company to limit the Consolidated Capital Expenditures
in
any fiscal year to an amount not to exceed $20,000,000 was amended to increase
the limit to an amount not to exceed $30,000,000.
Item
9.01 Financial Statements and Exhibits.
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Description
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10.1
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Amendment
No. 2 to Credit Agreement, dated as of September 10, 2007 by and
between
Roller Bearing Company of America, Inc., RBC Bearings Incorporated
and KeyBank National Association, as Administrative Agent and Lender.
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SIGNATURES
According
to the requirements of the Securities Exchange Act of 1934, the Company has
duly
caused this report to be signed on its behalf by the undersigned, hereunto
duly
authorized.
Date:
September 10, 2007
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RBC
BEARINGS INCORPORATED
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By: |
/s/
Thomas J. Williams
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Name:
Thomas J. Williams
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Title:
Corporate General Counsel &
Secretary
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