Item 1.01. Entry into a Material Definitive Agreement.
On January 11, 2021, the Company was granted a written consent (the "Consent")
by the lenders party to the Company's Amended and Restated Credit Agreement
dated October 12, 2018 among the Company, such lenders and Bank of America,
N.A., as administrative agent, as previously amended in light of the impact of
the COVID-19 pandemic by Amendment No. 2 dated June 5, 2020 (as amended, the
"Credit Agreement"). The Consent permits the Company to pay up to two cash
dividends to equity holders that would not otherwise be permitted by the Credit
Agreement. Specifically, the Consent permits the Company to pay an initial
dividend on or prior to February 15, 2021 in an aggregate amount up to
$2,500,000 and a second dividend between February 15, 2021 and May 31, 2021 in
an aggregate amount that, when combined with the initial dividend, does not
exceed $5,000,000.
The Company intends to file the Consent as an exhibit to its annual report on
Form 10-K for the fiscal year ending January 31, 2021.
Item 7.01. Regulation FD Disclosure.
On January 11, 2021, the Company issued a press release related to the
declaration of a dividend, a copy of which has been furnished as Exhibit 99.1
hereto and incorporated herein by reference.
The information under this Item 7.01, including Exhibit 99.1, is deemed
"furnished" and not "filed" under Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liability of
that section, and shall not be incorporated by reference into any registration
statement or other document filed under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press release, dated January 11, 2021, announcing the declaration of a
dividend.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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