secwatch.observer — SEC 8-K summary
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Issuer:     CULP INC (CULP)
CIK:        0000723603
Form:       8-K
Filed at:   2022-06-29T23:59:59+00:00
Accession:  0001564590-22-024770
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723603/000156459022024770/0001564590-22-024770-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723603/000156459022024770/culp-8k_20220629.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-024770

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