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州塔尔萨市--（Newsfile corp. - 2024年6月17日）- Educational Development Corporation（纳斯达克：EDUC）（以下简称“公司”）与BOKF，NA（以下简称“贷方”）签署了第五次修订协议（以下简称“协议”）。协议于2024年5月31日生效，将循环贷款承诺的最大可用性调整为700万美元，到期日为2024年10月4日。协议还要求在公司总部大楼销售生效之日起，将循环贷款额度降低至450万美元。
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，公司宣布与Rockford Holdings（以下简称“Rockford”或“买方”）签署了商用房地产合同（以下简称“合同”），出售公司位于Tulsa，Oklahoma 74146（以下简称“Hilti Complex”）的总部大楼和分销仓库，交易预计将于2024年9月12日完成。nd据首席执行官Craig White表示，“我们对此次修订协议的执行感到满意，因为它继续为我们与银行的信贷线提供借款能力。循环贷款的延期到2024年10月4日与销售Hilti Complex的预期时间框架相一致。”White先生继续说道，“从Hilti Complex的销售中获得的资金，预计将完全偿还我们与贷方的循环信用和期限贷款。在交易完成后拥有450万美元的可用信贷额度，确保我们有足够的支持继续运营，以便专注于重返盈利。”
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年与预期的希尔蒂综合体销售结束时间相一致。"
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销售所获得的资金预计将完全偿还我们与贷方的循环信用和期限贷款。交易完成后，拥有450万美元的可用信贷额度，确保我们有足够的支持继续运营，以便专注于重返盈利。”
About Educational Development Corporation (EDC)
有关教育发展公司（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成立于出版儿童书籍的公司。EDC是Kane Miller Books（“Kane Miller”）的所有者和独家出版商；Learning Wrap-Ups（制造教育操纵工具）的制造商；以及SmartLab Toys（制造基于STEAM的玩具和游戏）。EDC还是Usborne Publishing Limited（“Usborne”）儿童书籍的独家美国多层次营销经销商。EDC拥有的产品通过4,000家零售店销售，EDC和Usborne的产品由独立品牌合作伙伴提供，他们通过社交媒体上的书展，与学校和公共图书馆举办的书展，单独的家庭，以及其他现场活动和互联网销售等方式进行销售。
Contact:
Educational Development Corporation
Craig White, (918) 622-4522
联系方式：
教育发展公司
克雷格·怀特（918）622-4522
Investor Relations:
Three Part Advisors, LLC
Steven Hooser (214) 872-2710
投资者关系:
Three Part Advisors，LLC
Steven Hooser（214）872-2710