secwatch.observer — SEC 8-K summary
======================================

Issuer:     RICHARDSON ELECTRONICS, LTD. (RELL)
CIK:        0000355948
Form:       8-K
Filed at:   2023-03-23T23:59:59+00:00
Accession:  0000950170-23-009550
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/0000950170-23-009550-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/355948/000095017023009550/rell-20230323.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-009550

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer