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):  May 25, 2016

CTS CORPORATION
(Exact Name of Registrant as Specified in its Charter)

 
 
 
Indiana
1-4639
35-0225010
(State or other jurisdiction    of incorporation)
(Commission File Number)
(1.R.S. Employer Identification No)


 
 
1142 W. Beardsley Ave.
 
Elkhart, Indiana
46514
(Address of principal executive offices)
(Zip Code)

Registrant's Telephone Number, Including Area Code: (574) 523-3800

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.):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a12)
☐Pre-commencement communications pursuant to Rule 14d 2(b) under the Exchange Act ( 17 CFR 240. l 4d2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4( c))







Item 1.01    Entry into a Material Definitive Agreement.

On May 23, 2016, CTS Corporation requested and received a $100 million increase in the aggregate revolving credit commitments under its credit agreement. The request was executed in accordance with section 1.15 of the credit agreement and increases the aggregate credit commitments from $200 million to $300 million. A copy of the credit agreement dated August 10, 2015 was filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 12, 2015.

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

Information reported under Item 1.01 of this Current Report on Form 8-K is incorporated by reference in response to this Item 2.03.

Item 9.01    Financial Statements and Exhibits.
 
Exhibit      Description                            
10.1    Commitment Amount Increase Request dated May 23, 2016


SIGNATURES

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.

 
 
CTS CORPORATION
 
 
 
Date: May 25, 2016
By:
/s/  Ashish Agrawal
 
 
Ashish Agrawal
 
 
Vice President, Chief Financial Officer




COMMITMENT AMOUNT INCREASE REQUEST
May 23, 2016
BMO Harris Bank N.A.,
as Administrative Agent
(the “Administrative Agent” )
for the Banks referred to below
111 West Monroe Street
Chicago, Illinois 60603
Attention: Agency Services
Re:
Credit Agreement dated as of August 10, 2015 (as extended, renewed, amended or restated from time to time, the “Credit Agreement” ) among CTS Corporation, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent

Ladies and Gentlemen:
In accordance with the Credit Agreement, the Borrower hereby requests that the Administrative Agent consent to an increase in the aggregate Revolving Credit Commitments (the “Commitment Amount Increase” ), in accordance with Section 1.15 of the Credit Agreement, to be effected by an increase in the Revolving Credit Commitment of BMO Harris Bank N.A., Bank of America, N.A., Wells Fargo N.A., and PNC Bank National Association (each, an “Increasing Lender” ). Capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
After giving effect to such Commitment Amount Increase, the Revolving Credit Commitment of each Increasing Lender shall be as set forth opposite such Increasing Lender’s name below:
Lender
Revolving Credit
Commitment
BMO Harris Bank N.A.
$80,000,000
Bank of America N.A.
$72,500,000
Wells Fargo Bank N.A.
$72,500,000
PNC Bank, National Association
$50,000,000




Pursuant to Section 11.9 of the Credit Agreement, the Administrative Agent hereby designates each of Bank of America, N.A. and Wells Fargo Bank, N.A. as Joint Lead Arrangers.
THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.
The Commitment Amount Increase shall be effective when the executed consent of the Administrative Agent is received or otherwise in accordance with Section 1.15, of the Credit Agreement, but not in any case prior to May 23, 2016. It shall be a condition to the effectiveness of the Commitment Amount Increase that all expenses referred to in Section 1.15 of the Credit Agreement shall have been paid.
The Borrower hereby certifies that no Default or Event of Default has occurred and is continuing.
[Remainder of Page Intentionally Left Blank]



2

Please indicate the Administrative Agent’s consent to such Commitment Amount Increase by signing the enclosed copy of this letter in the space provided below.


Very truly yours,

CTS Corporation

By: __________________________
Name: _____________________
Title: _____________________










































Signature Page to CTS Corporation Commitment Increase

BMO Harris Bank N.A.


By: __________________________
Name: _____________________
Title: _____________________

    














































Signature Page to CTS Corporation Commitment Increase

Bank of America N.A.


By: __________________________
Name: _____________________
Title: _____________________

    














































Signature Page to CTS Corporation Commitment Increase

Wells Fargo, N.A.


By: __________________________
Name: _____________________
Title: _____________________
















































Signature Page to CTS Corporation Commitment Increase

PNC Bank National Association


By: __________________________
Name: _____________________
Title: _____________________
















































Signature Page to CTS Corporation Commitment Increase

The undersigned hereby consents
on this 23rd day of May,
2016 to the above-requested Commitment
Amount Increase.
BMO Harris Bank N.A.,
as Administrative Agent


By: __________________________
Name: _____________________
Title: _____________________




Signature Page to CTS Corporation Commitment Increase