{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-009550","form_type":"8-K","ticker":"RELL","cik":"0000355948","company_name":"RICHARDSON ELECTRONICS, LTD.","filed_at":"2023-03-23T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.634882+00:00","generated_at":"2026-06-17T19:34:28.760098+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Richardson Electronics enters $30M senior secured revolving credit facility with PNC Bank","bullets":["Credit facility of $30M with PNC Bank; no amounts drawn as of March 20, 2023.","3-year maturity; interest at SOFR+1.25% (or Base+0.25% or Daily Simple RFR+1.25% for Euros).","Unused line fee of 0.10% per annum; secured by substantially all assets of company and guarantors.","Covenants: maximum consolidated leverage ratio and minimum fixed charge coverage ratio.","Proceeds for working capital and general corporate purposes."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-009550","json":"https://secwatch.observer/filing/0000950170-23-009550.json","markdown":"https://secwatch.observer/filing/0000950170-23-009550.md","text":"https://secwatch.observer/filing/0000950170-23-009550.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/rell-20230323.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T19:34:28.760098+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0fa7f5df11d4d5817cb71be7a6ebd572af188733","claim":"RICHARDSON ELECTRONICS, LTD. incurred revolving credit of $30,000,000 with PNC Bank, N.A. at Term SOFR Rate plus 1.25% maturing three years from the Closing Date.","evidence_excerpt":"On March 20, 2023 (the “Closing Date”), Richardson Electronics, Ltd., a Delaware corporation (the “Company”), and certain subsidiaries of the Company (collectively, the “Guarantors”) entered into a Credit Agreement (the “Credit Agreement”) among the Company, the Guarantors party thereto, the Lenders party thereto, and PNC Bank, N.A., as Administrative Agent, Swingline Loan Lender and Issuing Lender thereunder. The Credit Agreement provides for a three (3)-year, senior secured revolving credit facility in an aggregate principal amount not to exceed $30,000,000, including a Swingline Loan subfacility and Letter of Credit subfacility (collectively, the “Revolving Credit Facility”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$30,000,000"},{"label":"Counterparty","value":"PNC Bank, N.A."},{"label":"Rate","value":"Term SOFR Rate plus 1.25%"},{"label":"Maturity","value":"three years from the Closing Date"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"714aa9bc2b713c832a684527b4b77f5b10968365","claim":"RICHARDSON ELECTRONICS, LTD. entered into Credit Agreement with PNC Bank, N.A. and the Lenders party thereto valued at $30,000,000 (effective 2023-03-20).","evidence_excerpt":"On March 20, 2023 (the “Closing Date”), Richardson Electronics, Ltd., a Delaware corporation (the “Company”), and certain subsidiaries of the Company (collectively, the “Guarantors”) entered into a Credit Agreement (the “Credit Agreement”) among the Company, the Guarantors party thereto, the Lenders party thereto, and PNC Bank, N.A., as Administrative Agent, Swingline Loan Lender and Issuing Lender thereunder. The Credit Agreement provides for a three (3)-year, senior secured revolving credit facility in an aggregate principal amount not to exceed $30,000,000, including a Swingline Loan subfacility and Letter of Credit subfacility (collectively, the “Revolving Credit Facility”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"PNC Bank, N.A. and the Lenders party thereto"},{"label":"Value","value":"$30,000,000"},{"label":"Effective","value":"2023-03-20"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}