On November 15, 2019, we entered into a Second Amendment (the “Amendment”) to the Credit Agreement dated as of November 16, 2016, as amended (the “Credit Facility”) with U.S. Bank National Association (the “Bank”). The Amendment extends the maturity date of the Credit Facility and the related Revolving Note dated as of November 15, 2016 with the Bank from November 15, 2019 to November 15, 2022 and modifies certain terms and financial covenants of the Credit Facility. The Amendment did not change the $35.0 million revolving amount of the Credit Facility, including up to $15.0 million for commercial and standby letters of credit.

As of November 15, 2019, there were no borrowings outstanding under the Credit Facility, and the balance of letters of credit outstanding was approximately $9.6 million.

The foregoing description of the Amendment is qualified in its entirety by reference to such document, a copy of which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement.

As of November 15, 2019, the Amended and Restated Loan Agreement dated as of November 15, 2016, as amended (the “Loan Agreement”), the Revolving Note dated as of November 15, 2016 (the “Revolving Note”), and the Continuing and Unconditional Guaranty dated as of November 15, 2016 (the “Guaranty”), between the Company and Bank of America, N.A, have expired and terminated according to their terms. The Company has no continuing obligations or liability under the Loan Agreement, the Revolving Note, or the Guaranty.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibit is filed with this Report:

10.1 Second Amendment to Credit Agreement dated as of November 15, 2019 by and between Daktronics, Inc. and U.S. Bank National Association.

DAKTRONICS INC /SD/ Exhibit
EX-10.1 2 dakt_20191115xex101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SECOND AMENDMENT TO CREDIT AGREEMENTThis Second Amendment to Credit Agreement (“Amendment”) dated November 15,…
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About Daktronics, Inc. (NASDAQ:DAKT)

Daktronics, Inc. is a supplier of electronic scoreboards, electronic display systems, digital messaging solutions, software and services for sporting, commercial and transportation applications. The Company operates through five segments: Commercial, Live Events, High School Park and Recreation, Transportation, and International. The Company offers a range of products, from small scoreboards and electronic displays to video display systems, as well as related control, timing and sound systems. It designs, markets, manufactures, installs and services integrated systems displaying real-time data, graphics, animation and video. Its product families include video displays, scoreboards and timing systems, message displays, intelligent transportation systems (ITS) dynamic message signs, space availability displays, audio systems, advertising displays, digit and price displays and digital messaging systems.