Item 1.01 Entry into a Material Definitive Agreement.
Effective on January 23, 2023, Daktronics, Inc. (the "Company") entered into the
Seventh Amendment (the "Amendment") to the Credit Agreement dated as of November
16, 2016, as amended (the "Credit Agreement") with U.S. Bank National
Association (the "Bank"). The Amendment, among other things, increases the
principal amount of the loan evidenced by the Credit Agreement to $45 million
until May 1, 2023, increases the rate of interest to 3.35% plus SOFR (the
secured overnight financing rate); and revises certain definitions and
covenants.
As of January 20, 2023, there was $22.7 million outstanding under the Credit
Agreement, and the balance of letters of credit outstanding was approximately
$7.5 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
Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits:
(d)Exhibits. The following exhibits are filed or furnished, as indicated, as
part of this Form 8-K:
10.1 Seventh Amendment to Credit Agreement, dated effective as of January 23,
2023, by and between Daktronics Inc., and U.S. Bank National Association
(filed)
99.1 Press Release dated January 25, 2023 (furnished).
104 Cover page Interactive Data File (embedded within the Inline XBRL document)
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