Steel Connect subsidiary extends credit facility maturity to 2026, eases dividend restrictions

Steel Connect, Inc.

ModusLink amended Umpqua Bank credit agreement; maturity extended from March 2025 to March 2026.
Dividend payment caps and conditions removed; borrower may pay dividends absent default.
Adjusted EBITDA definition revised; certain adjustments removed and non-recurring charges added.
Minimum Adjusted Tangible Net Worth covenant set at $20 million, measured quarterly.
Distribution Fixed Charge Coverage Ratio definition deleted from credit agreement.

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

Steel Connect, Inc. amended Second Amendment to Credit Agreement with Umpqua Bank (effective 2024-05-01).

Action: amendment
Agreement: credit facility
Counterparty: Umpqua Bank
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, ModusLink Corporation (“ ModusLink ”), a wholly-owned subsidiary of Steel Connect, Inc., entered into a Second Amendment to Credit Agreement (the “ Second Amendment ”), amending the Credit Agreement, dated as of March 16, 2022, as amended by that certain First Amendment to Credit Agreement, dated March 13, 2023, by and between ModusLink, as borrower, and Umpqua Bank, as lender and as agent (as amended from time to time, the “ Umpqua Facility ”).

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Source: SEC EDGAR

accession 0001193805-24-000593

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