Carbonite Inc. (CARB)

[chmcnfunds]

From the 8-K today:

"Item 1.01 Entry into a Material Definitive Agreement.

On May 22, 2015, Carbonite, Inc. (the "Company") entered into a First Amendment to the Credit Agreement, with Silicon Valley Bank (the "Amendment"), which amends the Company’s existing Credit Agreement, dated as of May 6, 2015, with Silicon Valley Bank (the "Original Agreement;" as amended, the "Agreement"). The Amendment eliminates from the events which constitute a Change of Control and, consequently, an Event of Default, the replacement, under specified circumstances, of a majority of the Company’s Board of Directors. The Amendment also allows the Company to repurchase its capital stock pursuant to a Board approved stock repurchase plan, so long as the total of such repurchases does not exceed $20 million during the term of the Agreement and the Company remains in pro forma compliance with the financial and other covenants of the Agreement."

Share buy back would be great news.

CARB