Daktronics enters Sixth Amendment to Credit Agreement; adds new covenants and reporting requirements

DAKTRONICS INC /SD/

Excludes income tax expense from valuation allowance from covenant calculations; adds monthly financial, AR/AP, inventory, and bi-weekly cash flow reporting.
Restrictions on equity investments until going concern disclosure removed; dividends/repurchases require lender consent.
$26.8M borrowings and $7.4M letters of credit outstanding under $35M facility with U.S. Bank.
New covenants: no additional indebtedness or liens (except existing); must engage financial consultant at lender's request.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DAKTRONICS INC /SD/ amended Sixth Amendment with U.S. Bank National Association (effective 2022-12-09).

Action: amendment
Agreement: credit facility
Counterparty: U.S. Bank National Association
Effective: 2022-12-09

Exact text from the filing

Effective on December 9, 2022, Daktronics, Inc. (the "Company") entered into the Sixth Amendment (the "Amendment") to the Credit Agreement dated as of November 16, 2016, as amended (the “Credit Facility”) with U.S. Bank National Association (the “Bank”).

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DAKTRONICS INC /SD/ filing history →

Source: SEC EDGAR

accession 0000915779-22-000115

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