BNED extends debt maturities to 2024/2025, appoints CRO, forms strategic committee

Barnes & Noble Education, Inc.

Extended ABL maturity to Dec 28, 2024 and Term Loan to Apr 7, 2025.
Added minimum Consolidated EBITDA covenant; advance rates on borrowing base reduced by 1000 bps from Sep 2, 2024.
Must appoint a Chief Restructuring Officer and two new independent board directors by Aug 11, 2023.
Board committee formed to explore strategic alternatives including sale, asset divestitures, or capital raise.

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

Barnes & Noble Education, Inc. amended Third Amendment to the Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC valued at Amendment to extend maturity to April 7, 2025, allow interest paid in kind until September 2, 2024, (effective 2023-07-28).

Action: amendment
Agreement: credit facility
Counterparty: TopLids LendCo, LLC and Vital Fundco, LLC
Value: Amendment to extend maturity to April 7, 2025, allow interest paid in kind until September 2, 2024,
Effective: 2023-07-28

Exact text from the filing

and (ii) a Third Amendment (the “Term Loan Amendment”) to the Term Loan Credit Agreement, dated as of June 7, 2022 (as amended prior to the Term Loan Amendment, the “Term Loan Credit Agreement), among the Company, as borrower, certain subsidiaries of the Company party thereto as guarantors, TopLids LendCo, LLC and Vital Fundco, LLC, as lenders, and TopLids LendCo, LLC, as administrative agent and collateral agent for the lenders.

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

Barnes & Noble Education, Inc. amended Eighth Amendment to the ABL Credit Agreement with Bank of America, N.A. valued at Amendment to extend maturity to December 28, 2024, reduce advance rates, add CARES Act tax refund cl (effective 2023-07-28).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: Amendment to extend maturity to December 28, 2024, reduce advance rates, add CARES Act tax refund cl
Effective: 2023-07-28

Exact text from the filing

On July 28, 2023 (the “Amendment Closing Date”), Barnes & Noble Education, Inc. (the “Company”) entered into (i) an Eighth Amendment (the “ABL Amendment”) to the Credit Agreement, dated as of August 3, 2015 (as amended prior to the ABL Amendment, the “ABL Credit Agreement”), among the Company, as the lead borrower, the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent for the lenders (the “ABL Agent”)

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Barnes & Noble Education, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-197828

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