Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIRCO MFG CORPORATION amended revolving credit of $72,500,000 with PNC Bank, National Association at Increase in the Applicable Margin (as defined in the Credit Agreement) of 25 bas.
- Instrument
- revolving credit
- Principal
- $72,500,000
- Counterparty
- PNC Bank, National Association
- Rate
- Increase in the Applicable Margin (as defined in the Credit Agreement) of 25 bas
- Event
- amendment
Exact text from the filing
On May 19, 2023, Virco Mfg. Corporation (the “Company”) and Virco Inc., a wholly owned subsidiary of the Company (together with the Company, the “Borrowers”), entered into Amendment No. 3 to Amended and Restated Revolving Credit and Security Agreement (“Amendment No. 3”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), with an effective date of May 5, 2023. Amendment No. 3 amended the Amended and Restated Revolving Credit and Security Agreement, dated September 28, 2021 (the “Credit Agreement”), by and among PNC and the Borrowers and the secured revolving line of credit provided to the Borrowers under the Credit Agreement (the “Revolving Credit Facility”) to reflect the following material changes: i. Maximum size of the Revolving Credit Facility has been increased to $72,500,000 during the months of June through August of 2023, to provide additional availability for the Company's forecast through the 2023 peak borrowing period; ii. Increase in the total
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
VIRCO MFG CORPORATION amended Amendment No. 3 to Amended and Restated Revolving Credit and Security Agreement with PNC Bank, National Association (effective 2023-05-19).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association
- Effective
- 2023-05-19
Exact text from the filing
On May 19, 2023, Virco Mfg. Corporation (the “Company”) and Virco Inc., a wholly owned subsidiary of the Company (together with the Company, the “Borrowers”), entered into Amendment No. 3 to Amended and Restated Revolving Credit and Security Agreement (“Amendment No. 3”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), with an effective date of May 5, 2023.
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