DAKTRONICS INC /SD/ (DAKT): debt financing — Daktronics enters $60M ABL credit facility with JPMorgan and issues $25M convertible notes to Alta Fox

DAKTRONICS INC /SD/

New $60M senior secured asset-based revolver with JPMorgan matures May 2026; includes $15M delayed draw term loan secured by Brookings real estate.
Terminated existing $35M U.S. Bank credit line; no early termination penalties incurred.
Issued $25M senior secured convertible notes to Alta Fox at 9% interest (10% if capitalized), conversion at $6.31/share, matures May 2027.
Convertible notes secured by second lien on ABL collateral and first lien on substantially all other assets (excluding real estate); intercreditor agreement governs priority.
Registration rights agreement requires filing resale registration statement within 75 days for shares issuable upon conversion.

item 1.01 item 1.02 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DAKTRONICS INC /SD/ incurred convertible notes of $25 million.

Instrument: convertible notes
Principal: $25 million
Event: incurrence

Exact text from the filing

Effective on May 11, 2023, the Company borrowed $25 million under the Convertible Notes.

View on SEC.gov

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

DAKTRONICS INC /SD/ entered into Credit Agreement with JPMorgan Chase Bank, N.A. valued at $60 million senior secured asset-based revolving credit facility (effective 2023-05-11).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $60 million senior secured asset-based revolving credit facility
Effective: 2023-05-11

Exact text from the filing

On May 11, 2023, Daktronics, Inc. (the “Company”) entered into the Credit Agreement (the “Credit Agreement”) by and among (among others) the Company and, together with each other Person joined to the Credit Agreement as a borrower from time to time, each a "Borrower" and collectively the "Borrowers”; the other Loan Parties to the Credit Agreement; the Lenders party to the Credit Agreement; and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders (the “Administrative Agent”). The Credit Agreement provides for a $60 million senior secured asset-based revolving credit facility (the “ABL Facility”)

View on SEC.gov

225 debt financings filed in the last 30 days. Browse all debt financings →

DAKTRONICS INC /SD/ filing history →

Source: SEC EDGAR

accession 0000915779-23-000029

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.