Daktronics draws $15M delayed term loan under existing credit facility with JPMorgan

DAKTRONICS INC /SD/

Drew full $15M delayed draw term loan available under $60M asset-based revolver.
Loan secured by real estate in Brookings, SD; amortizes over 10 years, matures May 11, 2026.
No change to $60M revolving credit facility; additional $15M term loan now outstanding.
Proceeds used for general corporate purposes (not specified but typical).

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/ entered into Mortgage – One Hundred Eighty Day Redemption, Mortgage – Collateral Real Estate Mortgage (with Future Advance Clause) – One Hundred Eighty Day Redemption, and Assignment of Leases and Rents, Security Agreement and Fixture Filing with JPMorgan Chase Bank, N.A. valued at $15 million (effective 2023-07-07).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $15 million
Effective: 2023-07-07

Exact text from the filing

Effective on July 7 , 2023, the Company and JPMorgan Chase closed on the Delayed Draw Term Loan in the original principal amount of $15 million and entered into the Mortgage – One Hundred Eighty Day Redemption, Mortgage – Collateral Real Estate Mortgage (with Future Advance Clause) – One Hundred Eighty Day Redemption, and Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”) and other customary ancillary closing documents.

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Source: SEC EDGAR

accession 0000915779-23-000036

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