secwatch.observer — SEC 8-K summary
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Issuer:     EDUCATIONAL DEVELOPMENT CORP (EDUC)
CIK:        0000031667
Form:       8-K
Filed at:   2023-08-17T23:59:59+00:00
Accession:  0001185185-23-000856
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31667/000118518523000856/0001185185-23-000856-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31667/000118518523000856/edc20230816_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-23-000856

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