secwatch.observer — SEC 8-K summary
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Issuer:     HOOKER FURNISHINGS Corp (HOFT)
CIK:        0001077688
Form:       8-K
Filed at:   2024-12-06T23:59:59+00:00
Accession:  0001185185-24-001191
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.03, 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1077688/000118518524001191/0001185185-24-001191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1077688/000118518524001191/hoft20241206_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-001191

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