EDUC increases revolver to $8M, extends maturity; plans sale-leaseback of HQ

EDUCATIONAL DEVELOPMENT CORP

Revolving loan commitment raised to $8.0M and maturity extended to May 31, 2024.
Company may issue additional purchase orders up to $2.1M through March 31, 2024, subject to lender approval.
Requires sale of Hilti Complex (402,255 sq ft) by March 31, 2024, or list adjacent 17 acres if no offer received.
Expects sale-leaseback with 7-to-15-year lease; proceeds to repay borrowings and fund operations.
CEO cites bank support during challenging period as company focuses on sales growth and returning to profitability.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EDUCATIONAL DEVELOPMENT CORP amended Fourth Amendment to the Existing Credit Agreement with BOKF, NA valued at $8,000,000 (effective 2023-12-01).

Action: amendment
Agreement: credit facility
Counterparty: BOKF, NA
Value: $8,000,000
Effective: 2023-12-01

Exact text from the filing

On December 21, 2023, Educational Development Corporation (the “Company”) executed the Fourth Amendment to the Existing Credit Agreement (“Amendment”) with BOKF, NA (the “Lender”).

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EDUCATIONAL DEVELOPMENT CORP filing history →

Source: SEC EDGAR

accession 0001185185-23-001357

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