Virco amends credit facility, restores ability to pay dividends and buy back stock

VIRCO MFG CORPORATION

New credit agreement with PNC Bank provides $65M revolving credit facility, maturing March 2023.
Amendment allows shareholder distributions up to $3M per year, subject to no default and fixed charge coverage ratio of 1.20:1.00.
CEO Robert Virtue cites positive business trends and balance sheet strength for restored distribution ability.
Company has not yet decided on any dividends or buybacks, but now has flexibility to consider future distributions.
All other material terms including borrowing base and interest rate margins remain unchanged from prior facility.

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