secwatch.observer — SEC 8-K summary
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Issuer:     Steel Connect, Inc. (—)
CIK:        0000914712
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0001193805-24-000593
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/914712/000119380524000593/0001193805-24-000593-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/914712/000119380524000593/e663580_8k-sc.htm
  HTML page:      https://secwatch.observer/filing/0001193805-24-000593

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