Item 1.01. Entry into a Material Definitive Agreement.

First Amendment to Amended and Restated Credit Agreement

On December 31, 2020, UFP Technologies, Inc. ("UFP" or the "Company"), certain of the Company's subsidiaries, and Bank of America, N.A., as administrative agent and sole lender, entered into a First Amendment (the "First Amendment") to the Company's Amended and Restated Credit Agreement, dated February 1, 2018 (as amended, the "Restated Credit Agreement").

The First Amendment amended the Restated Credit Agreement by (i) extending the scheduled maturity date from February 1, 2023 to December 31, 2025, and (ii) creating procedures and guidelines for establishing a successor benchmark rate if LIBOR ceases to be available during the term of the revolving credit facility. Additionally, the Restated Credit Agreement called for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank's prime rate less a margin that ranges from .25% to zero. The First Amendment calls for interest of LIBOR plus a margin that ranges from 1.25% to 1.75% or, at the discretion of the Company, the bank's prime rate plus a margin that ranges from zero to 0.25%. In both cases the applicable margin remains dependent upon Company performance. The First Amendment also added certain representations and covenants concerning compliance by the Company with legal requirements.

The foregoing description of the First Amendment is not intended to be complete and is qualified in its entirety by reference to the First Amendment, a copy of which is attached as Exhibit 10.1, and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information regarding the First Amendment, as set forth in Item 1.01 of this Form 8-K, is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits.



Exhibit
 Number    Description
  10.1       First Amendment to Amended and Restated Credit Agreement, dated
           December 31, 2020, by and among, (a) UFP Technologies, Inc., as
           borrower, (b) Moulded Fibre Technology, Inc., Simco Industries, Inc.,
           Dielectrics, Inc., UFP Realty, LLC, UFPT MA, LLC, UFP CO, LLC, UFP
           FL, LLC, UFP TX, LLC, UFP MI, LLC and UFP IA, LLC, as guarantors, and
           (c) Bank of America, N.A., as administrative agent and sole lender.
  104      Cover Page Interactive Data File (embedded within the Inline XBRL
           document)

© Edgar Online, source Glimpses