Daktronics, Inc. (NASDAQ:DAKT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
a Credit Agreement (the Agreement) and a related Revolving Note
(the Note) with U.S. Bank National Association (the Bank). The
Agreement and Note have a maturity date of November 15, 2019. The
revolving amount of the Agreement and Note is $35,000,000,
including up to $15,000,000 for commercial and standby letters of
credit. The Agreement and Note are unsecured. The Note provides
for certain covenants of the Company, including a fixed charge
ratio and interest bearing debt to EBITDA ratio. The Company will
use any borrowings under the Note for general corporate purposes.
As of November 15, 2016, there were no borrowings under the Note,
and the balance of letters of credit outstanding was
approximately $5.3 million.
and Restated Loan Agreement (the Loan) and a Continuing and
Unlimited Guaranty Agreement (the “Guaranty”) with Bank of
America, N.A. (BoA). The Loan and Guaranty have a maturity date
of November 15, 2019. The revolving amount of the Loan is
$20,000,000. The Loan is unsecured. The Loan provides for certain
covenants of the Company including a fixed charge ratio and
interest bearing debt to EBITDA ratio. The Company will use the
borrowings under the Note to support credit needs for general
corporate purposes outside the United States. As of November 15,
2016, there were no borrowings under the Loan, and the balance of
letters of credit outstanding was approximately $6.8 million.
and the Guaranty is qualified in its entirety by reference to
such documents, copies of which are filed as Exhibits 10.1, 10.2,
10.3, and 10.4 to this Report and incorporated herein by
reference.
including: the Twelfth Amendment to the Loan Agreement and the
related Renewal Note Agreement with the Bank and the Fifth
Amendment to the Loan Agreement, the third Amendment of the
Unlimited Guarantee Agreement and the Amended and Restated
Revolving Note with BoA.
Company and U.S. Bank National Association.
to U.S. Bank National Association.
by and between the Company and Bank of America, N.A.
2016 by and between the Company and Bank of America, N.A.
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. Daktronics, Inc. (NASDAQ:DAKT) Recent Trading Information
Daktronics, Inc. (NASDAQ:DAKT) closed its last trading session up +0.06 at 9.26 with 148,418 shares trading hands.
