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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): April 15, 1999
CATALYST SEMICONDUCTOR, INC.
(Exact name of registrant as specified in its charter
0-21488
(Commission File Number)
CALIFORNIA 77-0083129
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation)
1250 BORREGAS AVENUE
SUNNYVALE, CA 94089
(Address of principal executive offices, with zip code)
(408) 542-1000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On April 21, 1999, Registrant amended its loan and security agreement with Coast
Business Credit, the Company's principal lender, to reduce the interest rate and
fees, extend the term by two years and make the financial covenants less
restrictive. Under the amended agreement the Company can borrow up to $5,000,000
based on the value of certain receivables. As previously reported, the Company
had been in default under the previous loan covenants and had been operating
under a forbearance agreement.
On April 15, 1999, Registrant settled a previously disclosed disputed obligation
of $1,600,000 with Micro-Comp Industries. Under the settlement, Catalyst agreed
to pay a total of $800,000, of which $400,000 has been paid and the remaining
$400,000 is payable over the rest of the calendar year. Registrant has also
fulfilled its final obligation under an agreement reached in September 1998 with
Intel Corp, regarding certain past due royalty payments.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
10.68 Amendment No. One to Loan and Security Agreement dated as of
April 21, 1999 between Registrant and Coast Business Credit, a
division of Southern Pacific Bank.
20.1 Press Release dated May 9, 1999 announcing amendment of
Registrant's bank loan agreement and settlement with major
creditors.
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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.
CATALYST SEMICONDUCTOR, INC.
Date: May 21, 1999 By: /s/ Radu M. Vanco
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Radu M. Vanco
President and Chief Executive Officer
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INDEX TO EXHIBITS
Page Number
Exhibit Under Sequential
No. Exhibit Numbering System
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10.68 Amendment No. One to Loan and Security Agreement dated as of
April 21, 1999 between Registrant and Coast Business Credit, a
division of Souther Pacific Bank.
20.1 Press Release dated May 9. 1999 announcing
amendment of bank loan agreement and
settlement with major creditors
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