Educational Development Corp Announces Extension Of Credit Agreement With BOKF; Effective October 3, 2024, Extends The Maturity Date To January 4, 2025 And Includes Required Step Downs On The Revolving Loan To $5.5M By November 30, 2024
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Educational Development Corporation (NASDAQ:EDUC) has extended its credit agreement with BOKF, pushing the maturity date to January 4, 2025, and requiring a reduction in the revolving loan to $5.5 million by November 30, 2024. Additionally, EDUC has entered into a contract to sell its headquarters and distribution warehouse, expected to close by January 4, 2025.
October 07, 2024 | 8:03 pm
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Educational Development Corporation has extended its credit agreement with BOKF, which includes a new maturity date and loan step-down requirements. The company is also selling its headquarters, with the transaction expected to close by January 2025.
The extension of the credit agreement provides financial stability and flexibility for EDUC, which is positive for the company's short-term financial health. The sale of the headquarters could provide additional liquidity, further strengthening its financial position.
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