Entry Into a Material Definitive

On September1, 2016, CorVel Corporation (the Company) entered into a Seventh Amendment to Credit Agreement (the Credit Agreement Amendment) dated September1, 2016, which amends the Credit Agreement dated May28, 2009 (the Credit Agreement), and an unsecured Revolving Line of Credit Note (the Note) dated September1, 2016 with Wells Fargo Bank, National Association (Wells Fargo), pursuant to which the Company renewed its $10.0million revolving credit facility (the Credit Facility) for general working capital requirements. Borrowings under the Credit Facility, as amended, bear interest, at the Companys option, at a fixed LIBOR-based rate plus 1.00% or at a fluctuating rate determined by the financial institution to be 1.00% above the daily one-month LIBOR rate. The loan covenants requir e the Company to maintain the current assets to liabilities ratio of at least 1.25:1, debt to tangible net worth not greater than 1.25:1 and have positive net income. The other material terms of the Credit Facility were previously disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission on June4, 2009. There are no outstanding revolving loans as of the date hereof, but letters of credit in the aggregate amount of $4.5 million have been issued that do not reduce the amount of borrowings available under the Credit Facility. The renewed Credit Facility expires on September1, 2017.

The foregoing is a summary of the material terms of the Credit Agreement Amendment and the Note. Such summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement Amendment and the Note, copies of which are attached hereto as Exhibits 10.1 and 10.2 and are incorporated herein by reference.

Item2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information disclosed in Item1.01 of this Current Report on Form 8-K is incorporated by reference into this Item2.03.

Item9.01. Financial Statements and Exhibits.

(a)Not Applicable.

(b)Not Applicable.

(c)Not Applicable.





Description of Exhibit


Seventh Amendment to Credit Agreement dated September1, 2016 by and between CorVel Corporation and Wells Fargo Bank, National Association.


Revolving Line of Credit Note dated September1, 2016 by CorVel Corporation in favor of Wells Fargo Bank, National Association.


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.





Richard Schweppe

Chief Financial Officer

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Other recent filings from the company include the following:

a Material Definitive - Sept. 5, 2017

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