secwatch.observer — SEC 8-K summary
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Issuer:     VIRCO MFG CORPORATION (VIRC)
CIK:        0000751365
Form:       8-K
Filed at:   2021-10-01T23:59:59+00:00
Accession:  0001628280-21-019403
Event type: other_material
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/751365/000162828021019403/0001628280-21-019403-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/751365/000162828021019403/virc-20210928.htm
  HTML page:      https://secwatch.observer/filing/0001628280-21-019403

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