Daktronics extends $10M of credit facility to May 1, 2023; forms committee to explore long-term liquidity options

DAKTRONICS INC /SD/

Effective Jan 23, 2023, Daktronics amended credit agreement with U.S. Bank, extending $10M maturity to May 1, 2023; remaining $35M matures Apr 29, 2025.
Interest rate increased to 3.35% plus SOFR; as of Jan 20, 2023, $22.7M outstanding and $7.5M in letters of credit.
Board formed independent Strategy and Financing Review Committee in Dec 2022, chaired by Howard I. Atkins, to address near-term credit needs and explore longer-term liquidity improvements.
Committee has hired financial and legal advisors; company has received several financing proposals but no assurance of transaction or timetable.

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 Seventh Amendment with U.S. Bank National Association valued at $45 million (effective 2023-01-23).

Action: amendment
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $45 million
Effective: 2023-01-23

Exact text from the filing

Effective on January 23, 2023, Daktronics, Inc. (the "Company") entered into the Seventh Amendment (the "Amendment") to the Credit Agreement dated as of November 16, 2016, as amended (the “Credit Agreement”) with U.S. Bank National Association (the “Bank”).

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DAKTRONICS INC /SD/ filing history →

Source: SEC EDGAR

accession 0000915779-23-000003

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