8-K

 

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): November 22, 2013

IXYS Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	000-26124	77-0140882
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
1590 Buckeye Drive, Milpitas, California		95035
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 408-457-9000

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:

[  ]  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 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On November 22, 2013, IXYS Corporation extended the maturity date of its line of credit with Bank of the West to December 31, 2013. The line of credit was granted under a Credit Agreement between IXYS Corporation and Bank of the West dated as of November 13, 2009, as amended.

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.

	IXYS Corporation
November 22, 2013	By:	/s/ Uzi Sasson
		Name: Uzi Sasson
		Title: President

Exhibit Index

Exhibit No.	Description
10.1	Letter Agreement between IXYS Corporation and Bank of the West dated November 22, 2013

EX-10.1

Exhibit 10.1

November 22, 2013

IXYS Corporation
1590 Buckeye Drive
Milpitas, CA 95035
ATTN: Arnold Agbayani

RE: IXYS Corporation Loan No. 1000008231(the “Loan”)

Dear Arnold;

This letter is being sent at the request of your Account Manager, Helen Huang, and is to confirm that Bank of the West (“Lender”) has agreed to extend the maturity date of the Line of Credit granted to IXYS Corporation (“Borrower”) in the principal amount of TWENTY MILLION DOLLARS ($20,000,000.00) originally made under that certain Credit Agreement dated as of November 13, 2009 (as amended from time to time, the “Agreement”).

The maturity date of the Loan is hereby extended to December 31, 2013 (the “New Maturity Date”). The Agreement shall be deemed modified as of the date of this letter to reflect the New Maturity Date. All other terms and conditions of the Agreement remain in full force and effect, without waiver or modification. This extension is further conditioned upon (i) Borrower’s continued payment of interest as provided in the Agreement and (ii) any principal installments which Borrower was obligated to make prior to this extension.

Each advance request, or Borrower’s continued payments of principal or interest on the outstanding balance of the Loan, constitutes Borrower’s warranty that no event of default as defined in the Agreement and no condition, event or act which, with the giving of notice or the passage of time or both, would constitute such an event of default, shall have occurred and be continuing or shall exist.

Lender has not committed to make any further extension of the maturity date, or to renew the Line of Credit beyond the new maturity date. Any further extension or any renewal remains in the sole discretion of Lender.

If you have any questions, please contact your Account Manager, Helen Huang, at (408) 299-1637.

Very truly yours,

BANK OF THE WEST

By: /s/ Helen Huang—
Name:	Helen Huang

Title:	Vice President
BORROWER:

IXYS CORPORATION

By: /s/ Uzi Sasson      
Name: Uzi Sasson
Title: President