secwatch.observer — SEC 8-K summary
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Issuer:     FRANKLIN COVEY CO (FC)
CIK:        0000886206
Form:       8-K
Filed at:   2023-03-30T23:59:59+00:00
Accession:  0000886206-23-000013
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Franklin Covey enters $70M credit agreement with KeyBank, replacing JPMorgan facility
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- New $70M credit facility: $7.5M term loan (replaces existing term loan) and $62.5M revolving line of credit.
- Matures March 27, 2028; interest based on SOFR plus tiered margin of 1.50% to 2.75% depending on leverage ratio.
- Financial covenants require leverage ratio <3.00x and fixed charge coverage ratio >1.15x; restricts distributions unless in compliance.
- Replaces prior JPMorgan Chase credit agreement; KeyBank National Association serves as administrative agent and issuing lender.
- Obligations secured by substantially all assets of the company and certain domestic subsidiaries.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886206/000088620623000013/0000886206-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886206/000088620623000013/fc-20230327x8k.htm
  HTML page:      https://secwatch.observer/filing/0000886206-23-000013

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