Item 1.01 Entry into a Material Definitive Agreement.
On August 16, 2022, we entered into the Sixth Amendment (the "Amendment") to the
Credit Agreement dated as of November 16, 2016, as amended (the "Credit
Facility") with U.S. Bank National Association (the "Bank"). The Amendment
temporarily increases the revolving commitment amount from $35.0 million to
$45.0 million until October 31, 2022. In addition, the Agreement modifies
certain terms and financial covenants.
As of August 15, 2022, there were $15.5 million borrowings outstanding under the
Credit Facility, and the balance of letters of credit outstanding was
approximately $6.3 million.
The foregoing description of the Amendment is qualified in its entirety by
reference to such document, a copy of which is filed as Exhibit 10.1 to this
Report and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits:
(d) Exhibits. The following exhibit is furnished as part of this Report:
10.1 Amendment to Credit Agreement, dated August 16 , 2022, by and
between Daktronics Inc., and U.S. Bank National Association
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