secwatch.observer — SEC 8-K summary
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Issuer:     ESCALADE INC (ESCA)
CIK:        0000033488
Form:       8-K
Filed at:   2024-10-15T23:59:59+00:00
Accession:  0001437749-24-031153
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Escalade amends credit agreement: revolver cut to $60M, adds interest coverage covenant of 3.50x
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- Maximum revolver reduced from $75M to $60M; accordion feature allows increase up to $85M.
- Fixed charge coverage ratio replaced by minimum interest coverage ratio of 3.50:1.00, effective September 30, 2024.
- Restricted payments cap: if Funded Debt/EBITDA >1.75, combined cash dividends and share repurchases limited to $12M in trailing 12 months.
- Pricing improved: two Applicable Rate categories eliminated, reducing margins when leverage above 3.0x.
- Borrowing base certificates now required monthly instead of quarterly; maturity remains January 21, 2027.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/33488/000143774924031153/0001437749-24-031153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/33488/000143774924031153/esca20241011_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-031153

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