Culp enters $40M credit facility; extends maturity to June 2025; reports Q4 earnings

CULP INC

Revolving credit facility increased to $40M from $30M; secured by assets; matures June 2025.
SOFR-based pricing with initial margin 1.35% (range 1.35%-2.50%) depending on debt/EBITDA.
Financial covenants: min tangible net worth $100M+50% net income; EBITDA/interest ≥3.0, waived first 3 quarters FY2023 with min $15M liquidity.
Press release for Q4 and FY2022 results furnished; specific financial figures not included in available filing text.

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