secwatch.observer — SEC 8-K summary
======================================

Issuer:     SCHOLASTIC CORP (SCHL)
CIK:        0000866729
Form:       8-K
Filed at:   2024-12-03T23:59:59+00:00
Accession:  0001193125-24-270026
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Scholastic amends credit facility: $400M revolver, extended maturity to 2029, removes Term SOFR credit spread
--------------------------------------------------------------------------------

- $400M unsecured revolving credit facility with maturity extended to November 26, 2029; accordion feature permits $150M increase.
- Term SOFR credit spread adjustment of 0.10% eliminated; applicable margins now range 1.625%-1.875% for Term SOFR.
- Unlimited dividends and share repurchases allowed if pro forma net leverage ratio ≤ 2.75:1 (previously more restrictive).
- One-time waiver of potential default for TUTI Books contract under Iranian Transactions Sanctions general license.
- Additional lenders added: HSBC, Fifth Third, Citibank, etc. as co-agents; Bank of America remains administrative agent.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/866729/000119312524270026/0001193125-24-270026-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/866729/000119312524270026/d916617d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-270026

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer