BNED amends ABL credit facility; minimum availability lowered to $20M-32.5M through May 2024

Barnes & Noble Education, Inc.

Minimum Availability covenant changed to greater of 10% of Aggregate Loan Cap or $32.5M (or as low as $20M subject to full repayment conditions).
Implementation of appraisal and field exam recommendations delayed to Jan 15, 2024 (MBS) and Feb 14, 2024 (BNC), or upon Event of Default.
Loan parties must deliver a Contingency Transition Plan by Jan 12, 2024 and cooperate with monthly desktop field exams for Nov 2023-Jan 2024.
Failure to comply with post-closing covenants constitutes immediate Event of Default; borrowers reaffirm security interests and guaranties.

item 1.01 item 9.01

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 Tenth Amendment with Bank of America, N.A. (effective 2023-12-12).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A.
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, Barnes & Noble Education, Inc. (the “Company”) entered into a Tenth 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 0001193125-23-293710

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