EDUC executes Fifth Amendment to Credit Agreement, cuts revolver to $7M and ties further reduction to HQ sale

EDUCATIONAL DEVELOPMENT CORP

Fifth Amendment effective May 31, 2024 sets max revolver availability to $7.0M through Oct 4, 2024.
Revolver will decrease to $4.5M upon closing of sale of Hilti Complex headquarters.
Sale contract with Rockford Holdings expected to close by September 12, 2024.
CEO Craig White says sale proceeds expected to fully pay off all Revolver and Term Loan borrowings.
Post-sale, $4.5M revolver line remains to support operations as company focuses on returning to profitability.

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