Daktronics secures $100M in capital: $75M JPMorgan facility + $25M convertible note from Alta Fox

DAKTRONICS INC /SD/

Closed $75M senior secured credit facility with JPMorgan Chase (matures May 2026): $60M revolver and $15M delayed-draw term loan secured by real estate.
Issued $25M convertible notes to major shareholder Alta Fox at 9% interest, due May 2027, convertible at $6.31 per share.
New facility replaces prior $35M U.S. Bank credit line; all obligations repaid without drawing on JPMorgan facility.
Interest on revolver at SOFR+2.5%-3.5%; term loan at SOFR+3.5%-4.5%; fixed charge coverage ratio of 1.1:1.0 required.
Alta Fox's standstill agreement extended to after 2024 annual meeting; Company can force conversion after 18 months if stock hits 150% of conversion price.

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