secwatch.observer — SEC 8-K summary
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Issuer:     EDUCATIONAL DEVELOPMENT CORP (EDUC)
CIK:        0000031667
Form:       8-K
Filed at:   2023-09-13T23:59:59+00:00
Accession:  0001185185-23-000968
Event type: other_material
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EDC sells former headquarters for $5.1M in sale-leaseback; proceeds to reduce term loan debt
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- Sale price $5,100,000 for property at 10302 E 55th Pl, Tulsa (104,875 rentable sq ft).
- Closing expected on or before October 25, 2023; buyer MA Temple Investments LLC.
- Post-closing, EDC will lease back the entire building for 3 years at $4/sqft, 3% annual escalation.
- All net cash proceeds applied to pay down outstanding Term Loans under credit agreement.
- CEO Craig White says interest savings on reduced borrowing will exceed monthly lease payments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31667/000118518523000968/0001185185-23-000968-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31667/000118518523000968/edc20230913_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-23-000968

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