---
schema_version: "secwatch.filing_event.v1"
accession: "0000915779-23-000029"
form_type: "8-K"
ticker: "DAKT"
cik: "0000915779"
company_name: "DAKTRONICS INC /SD/"
filed_at: "2023-05-12T23:59:59+00:00"
generated_at: "2026-06-15T03:15:09.931008+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Daktronics enters $60M ABL credit facility with JPMorgan and issues $25M convertible notes to Alta Fox

## Summary
- 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.

## SEC filing metadata
- accession: 0000915779-23-000029
- form_type: 8-K
- ticker: DAKT
- cik: 0000915779
- company_name: DAKTRONICS INC /SD/
- filed_at: 2023-05-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/915779/000091577923000029/0000915779-23-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/915779/000091577923000029/dakt-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000915779-23-000029
- JSON: https://secwatch.observer/filing/0000915779-23-000029.json
- Plain text: https://secwatch.observer/filing/0000915779-23-000029.txt

## Key facts
- Debt Financings
  DAKTRONICS INC /SD/ incurred convertible notes of $25 million.
  - Instrument: convertible notes
  - Principal: $25 million
  - Event: incurrence
  source text: Effective on May 11, 2023, the Company borrowed $25 million under the Convertible Notes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/915779/000091577923000029/0000915779-23-000029-index.htm
- Material Agreements
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/915779/000091577923000029/0000915779-23-000029-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.