Hooker Furnishings enters into $70 million amended credit facility with Bank of America, maturing 2029

HOOKER FURNISHINGS Corp

Amended and restated loan agreement on Dec 5, 2024, provides revolving credit facility up to $70 million, with option to increase by $30 million.
Outstanding $21.7 million loans and $6.7 million letters of credit from prior facility continue under new terms.
Interest rate is Term SOFR plus 1.75% per annum; maturity date December 5, 2029.
Facility is secured by substantially all assets of borrower and subsidiaries; financial covenant requires EBITDA/debt service ratio >=1.0 if availability falls below 10%.
Borrowing base includes accounts receivable, inventory, life insurance cash value; initial availability $41.1 million after fees.

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