Educational Development Corporation Announces Executed Fifth Amendment to Credit Agreement
Educational Development Corporation Announces Executed Fifth Amendment to Credit Agreement
Tulsa, Oklahoma--(Newsfile Corp. - June 17, 2024) - Educational Development Corporation (NASDAQ: EDUC) (the "Company") executed the Fifth Amendment ("Amendment") to the Existing Credit Agreement ("Amendment") with BOKF, NA (the "Lender"). The Amendment, effective May 31, 2024, adjusts the maximum availability of the Revolving Loan commitment to $7.0 million through the maturity date of October 4, 2024. The Amendment also requires an additional decrease in the Revolving Loan to $4.5 million from the effective date of the sale of the Company's Headquarters building.
Oklahoma州塔爾薩市--（Newsfile corp. - 2024年6月17日）- Educational Development Corporation（納斯達克：EDUC）（以下簡稱“公司”）與BOKF，NA（以下簡稱“貸方”）簽署了第五次修訂協議（以下簡稱“協議”）。協議於2024年5月31日生效，將循環貸款承諾的最大可用性調整爲700萬美元，到期日爲2024年10月4日。協議還要求在公司總部大樓銷售生效之日起，將循環貸款額度降低至450萬美元。
On June 12, 2024 the Company announced the executed Commercial Real Estate Contract ("Contract") with Rockford Holdings ("Rockford" or "Buyer") for the sale of the Company's headquarters and distribution warehouse located at 5400-5402 South 122nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex"). The Contract is expected to be completed by September 12, 2024.
2024年6月12日，公司宣佈與Rockford Holdings（以下簡稱“Rockford”或“買方”）簽署了商用房地產合同（以下簡稱“合同”），出售公司位於Tulsa，Oklahoma 74146（以下簡稱“Hilti Complex”）的總部大樓和分銷倉庫，交易預計將於2024年9月12日完成。nd據首席執行官Craig White表示，“我們對此次修訂協議的執行感到滿意，因爲它繼續爲我們與銀行的信貸線提供借款能力。循環貸款的延期到2024年10月4日與銷售Hilti Complex的預期時間框架相一致。”White先生繼續說道，“從Hilti Complex的銷售中獲得的資金，預計將完全償還我們與貸方的循環信用和期限貸款。在交易完成後擁有450萬美元的可用信貸額度，確保我們有足夠的支持繼續運營，以便專注於重返盈利。”
Per Craig White, President and Chief Executive Officer, "We are pleased with the execution of this amendment as it continues to provide borrowing capacity on our line of credit with our bank. The period of the extension of the Revolving Loan through October 4th, 2024 is aligned with the expected timeframe for closing on the sale of the Hilti Complex."
noth，2024年與預期的希爾蒂綜合體銷售結束時間相一致。"
Mr. White continued, "The funds received from the sale of the Hilti Complex are expected to completely pay off the borrowings under the Revolver and Term Loans outstanding with our Lender. Having an available line of $4.5 million, following the close, ensures we have sufficient support to continue operations as we focus on returning to profitability."
White先生表示：“Hilti Complex銷售所獲得的資金預計將完全償還我們與貸方的循環信用和期限貸款。交易完成後，擁有450萬美元的可用信貸額度，確保我們有足夠的支持繼續運營，以便專注於重返盈利。”
About Educational Development Corporation (EDC)
有關教育發展公司（EDC）：
EDC began as a publishing company specializing in books for children. EDC is the owner and exclusive publisher of Kane Miller Books ("Kane Miller"); Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. EDC is also the exclusive United States MLM distributor of Usborne Publishing Limited ("Usborne") children's books. EDC-owned products are sold via 4,000 retail outlets and EDC and Usborne products are offered by independent brand partners who hold book showings through social media, book fairs with schools and public libraries, in individual homes, as well as other in-person events and internet sales.
EDC成立於出版兒童書籍的公司。EDC是Kane Miller Books（“Kane Miller”）的所有者和獨家出版商；Learning Wrap-Ups（製造教育操縱工具）的製造商；以及SmartLab Toys（製造基於STEAM的玩具和遊戲）。EDC還是Usborne Publishing Limited（“Usborne”）兒童書籍的獨家美國多層次營銷經銷商。EDC擁有的產品通過4,000家零售店銷售，EDC和Usborne的產品由獨立品牌合作伙伴提供，他們通過社交媒體上的書展，與學校和公共圖書館舉辦的書展，單獨的家庭，以及其他現場活動和互聯網銷售等方式進行銷售。
Contact:
Educational Development Corporation
Craig White, (918) 622-4522
聯繫方式：
教育發展公司
克雷格·懷特（918）622-4522
Investor Relations:
Three Part Advisors, LLC
Steven Hooser (214) 872-2710
投資者關係:
Three Part Advisors，LLC
Steven Hooser（214）872-2710
譯文內容由第三人軟體翻譯。