secwatch.observer — SEC 8-K summary
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Issuer:     CULP INC (CULP)
CIK:        0000723603
Form:       8-K
Filed at:   2025-06-16T23:59:59+00:00
Accession:  0000950170-25-086879
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Culp extends Wells Fargo ABL facility to June 2028; borrowing base unchanged at $30M
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- Term extended three years; now matures June 12, 2028 (was previously January 2026).
- Maximum revolving credit remains $30M with $2M letter-of-credit sublimit.
- Interest rate: daily simple SOFR + 1.75% to 2.25% based on average monthly excess availability.
- Springing fixed charge coverage ratio of 1.10x triggered when availability falls below $4.5M.
- $120,000 amendment fee paid to Wells Fargo.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723603/000095017025086879/0000950170-25-086879-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723603/000095017025086879/culp-20250612.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-086879

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