8-K

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 (Date of earliest event reported): August 14, 2008

ZEBRA TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	000-19406	36-2675536
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

333 Corporate Woods Parkway, Vernon Hills, Illinois	60061
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 847-634-6700

(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:

¨ 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 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13c-4(c))

Item    1.01    Entry into a Material Definitive Agreement.

On August 14, 2008, Zebra Technologies Corporation (the “Company”) entered into a revolving credit agreement for a five-year $100 million revolving credit facility (“New Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A., as administrative agent, The Northern Trust Company, as syndication agent, and Bank of America, N.A., as documentation agent. This revolving credit facility has a $100 million accordion feature that allows the Company to increase the facility up to a total of $200 million subject to obtaining commitments for the incremental capacity from existing or new lenders. The loans under the New Credit Agreement will be available for general corporate purposes of the Company and its subsidiaries in the ordinary course of business and other purposes permitted by the New Credit Agreement.

The New Credit Agreement is guaranteed by certain of the Company’s domestic subsidiaries. Loans under the New Credit Agreement shall bear interest at a rate equal to the prime rate or a spread over the applicable LIBOR rate, as selected by the Company. This spread for LIBOR-based loans is dependent on the Company’s ratio of Total Debt to EBITDA and ranges from 0.50% to 1.25%. The spread in effect at closing for LIBOR-based loans was .50%.

The New Credit Agreement includes customary representations, warranties, affirmative and negative covenants (including, among others, restrictions on the payment of cash dividends) and events of default (and related remedies, including acceleration and increased interest rates following an event of default). It also contains financial covenants tied to the Company’s leverage ratio and fixed charge coverage ratio.

A copy of the Company’s press release dated August 15, 2008, regarding the New Credit Agreement is attached to this current report as Exhibit 99.1.

Item    9.01     Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description of Exhibits
99.1	Press Release dated August 15, 2008.

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.

	ZEBRA TECHNOLOGIES CORPORATION
Date: August 15, 2008	By:	/s/    Anders Gustafsson
		Anders Gustafsson
		Chief Executive Officer

EXHIBIT INDEX

Exhibit Number	Description of Exhibits
99.1	Press Release dated August 15, 2008.

EX-99.1

Exhibit 99.1

CONTACT:
Investors:	Financial Media:
Douglas A. Fox, CFA	Tim Dreyer
VP, Investor Relations	Manager, Public Relations
+1 847 793 6735	+1 847 793 5677
dfox@zebra.com	tdreyer@zebra.com

Zebra Technologies Enters Into Revolving Credit Agreement

to Support Company Growth

Vernon Hills, IL, August 15, 2008 — Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that it has entered into a five-year, $100 million revolving credit facility. Zebra will be able to draw upon the credit facility for working capital and general corporate purposes, including stock buybacks and acquisitions. The revolving credit facility has a $100 million accordion feature that allows the company to increase the facility up to a total of $200 million subject to obtaining commitments for the incremental capacity from existing or new lenders.

“We put the credit facility in place to provide financing flexibility,” stated Michael Smiley, Zebra’s chief financial officer. “Zebra’s ability to secure credit on favorable terms in this uncertain financial market environment is a testament to the strength of the company’s balance sheet, cash flows and growth prospects.”

The lead arranger and book runner for the new credit facility is J.P. Morgan Securities Inc., with Northern Trust Co. as the syndication agent, Bank of America, N.A. as the documentation agent and JPMorgan Chase Bank, N.A. as the administration agent. Also included in the facility allocation are Wells Fargo Bank, N.A. and RBS Citizens, N.A.

Zebra Technologies Corporation helps companies identify, locate and track assets, transactions and people with on-demand specialty digital printing and automatic identification solutions. In more than 100 countries around the world, more than 90 percent of Fortune 500 companies use innovative and reliable Zebra printers, supplies, RFID products and software to increase productivity, improve quality, lower costs, and deliver better customer service. Information about Zebra and Zebra-brand products can be found at http://www.zebra.com.

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