---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-23-000856"
form_type: "8-K"
ticker: "EDUC"
cik: "0000031667"
company_name: "EDUCATIONAL DEVELOPMENT CORP"
filed_at: "2023-08-17T23:59:59+00:00"
generated_at: "2026-06-11T08:05:28.790513+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# EDC amends credit agreement; maturity extended to Jan 2024, commitment reduced to $4M

## Summary
- Revolving commitment steps down from $13.5M (Aug 2023) to $4.0M by Jan 31, 2024.
- Company must list 10302 E 55th Pl, Tulsa for sale by Aug 18, 2023 under the amendment.
- CEO states old building appraised at $5.1M; Hilti Complex appraised at ~$40M.
- Expected inventory ~$53M at fiscal year-end; expected bank debt ~$36M by Jan 2024.
- Contingent upon default, Company must list 5402 S 122nd Ave for sale within 15 days.

## SEC filing metadata
- accession: 0001185185-23-000856
- form_type: 8-K
- ticker: EDUC
- cik: 0000031667
- company_name: EDUCATIONAL DEVELOPMENT CORP
- filed_at: 2023-08-17T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/31667/000118518523000856/0001185185-23-000856-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/31667/000118518523000856/edc20230816_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-23-000856
- JSON: https://secwatch.observer/filing/0001185185-23-000856.json
- Plain text: https://secwatch.observer/filing/0001185185-23-000856.txt

## Key facts
- Material Agreements
  EDUCATIONAL DEVELOPMENT CORP entered into Third Amendment to the Existing Credit Agreement with BOKF, NA valued at Revolving loan commitment steps down from $13,500,000 to $4,000,000; maturity extends to January 31, (effective 2023-08-09).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: BOKF, NA
  - Value: Revolving loan commitment steps down from $13,500,000 to $4,000,000; maturity extends to January 31,
  - Effective: 2023-08-09
  source text: Effective August 9, 2023, Educational Development Corporation (the “Company”) executed the Third Amendment to the Existing Credit Agreement (“Amendment”) with BOKF, NA (the “Lender”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/31667/000118518523000856/0001185185-23-000856-index.htm

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