---
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"
generated_at: "2026-06-17T19:34:28.760098+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Richardson Electronics enters $30M senior secured revolving credit facility with PNC Bank

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-009550
- JSON: https://secwatch.observer/filing/0000950170-23-009550.json
- Plain text: https://secwatch.observer/filing/0000950170-23-009550.txt

## Key facts
- Debt Financings
  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.
  - Instrument: revolving credit
  - Principal: $30,000,000
  - Counterparty: PNC Bank, N.A.
  - Rate: Term SOFR Rate plus 1.25%
  - Maturity: three years from the Closing Date
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: PNC Bank, N.A. and the Lenders party thereto
  - Value: $30,000,000
  - Effective: 2023-03-20
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm

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