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BARNES & NOBLE EDUCATION, INC.

(BNED)
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Barnes & Noble Education, Inc. Enters into Third Amendment and Waiver to Credit Agreement and First Amendment to Security Agreement to the Credit Agreement

04/05/2021 | 04:31pm EST

On March 31, 2021, Barnes & Noble Education, Inc. entered into a Third Amendment and Waiver to Credit Agreement and First Amendment to Security Agreement to the Credit Agreement, dated as of August 3, 2015, among the company, as the lead borrower, the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent for the lenders. The Amendment waives the FILO availability test condition to borrowing of the FILO loan under the credit agreement on April 1, 2021. The Amendment also increases the interest rate from the existing rate in the Credit Agreement by 25 basis points at each level of the existing pricing grid, institutes a minimum availability financial covenant at all times while the FILO Loan is outstanding of no less than the greater of 10% of the aggregate loan cap (which is the lesser of (a) the aggregate revolver commitment plus the aggregate FILO commitment under the Credit Agreement and (b) the borrowing base plus the outstanding FILO loan) and $25 million, institutes an anti-cash hoarding provision while the FILO loan is outstanding, which requires the Company to pay down the revolver to the extent cash is in excess of $50 million, subject to certain exclusions, expands the security interest granted to the lenders party to the Credit Agreement to all assets from the previous current asset collateral package, prohibits acquisitions and payment of dividends while the FILO loan is outstanding and certain other changes set forth in the Amendment.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2022 1 650 M - -
Net income 2022 -24,4 M - -
Net Debt 2022 - - -
P/E ratio 2022 -19,9x
Yield 2022 -
Capitalization 487 M 487 M -
Capi. / Sales 2022 0,30x
Capi. / Sales 2023 0,27x
Nbr of Employees 3 428
Free-Float 69,2%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 9,44 $
Average target price 12,00 $
Spread / Average Target 27,1%
EPS Revisions
Managers and Directors
Michael P. Huseby Executive Chairman & Chief Executive Officer
Thomas D. Donohue Chief Financial Officer & Senior Vice President
Stephen Culver Chief Information Officer & Senior Vice President
John R. Ryan Lead Independent Director
Daniel A. DeMatteo Independent Director
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