Barnes & Noble Education : Material Agreement - Form 8-K
December 13, 2023 at 06:08 am EST
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Item 1.01.
Entry into a Material Definitive Agreement.
On December 12, 2023, Barnes & Noble Education, Inc. (the "Company") entered into a Tenth Amendment (the "ABL Amendment") to the Credit Agreement, dated as of August 3, 2015 (as amended prior to the ABL Amendment, the "ABL Credit Agreement"), 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 "ABL Agent").
The ABL Amendment amends the ABL Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the ABL Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the ABL Credit Agreement) and (y) (A) $32.5 million or, subject to the satisfaction of certain conditions relating to the repayment of the ABL Credit Agreement in full, (B) (a) $20 million for the period of December 8, 2023 through January 12, 2024, (b) $25 million for the period from January 26, 2024 through February 9, 2024, (c) $25 million for the period of April 1, 2024 through April 30, 2024 and (d) $30 million for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements to the ABL Agent and lenders under the Credit Agreement.
The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the ABL Amendment, a copy of which is filed as Exhibit 10.1 to this current Report on Form 8-Kand is incorporated herein by reference.
Barnes & Noble Education Inc. published this content on 13 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2023 11:07:26 UTC.
Barnes & Noble Education, Inc. is a contract operator of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. The Company is also a textbook wholesaler, inventory management hardware and software provider, and a provider of digital education solutions. The Company's segments include Retail and Wholesale. The Retail Segment operates 1,366 college, university, and K-12 school bookstores, comprised of 774 physical bookstores and 592 virtual bookstores. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 3,000 physical bookstores, including its Retail segment's 774 physical bookstores and sources, and distributes new and used textbooks to its 592 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 340 college bookstores.