Educational Development Corporation Announces Extension of Credit Agreement With BOKF

Group 1 - Educational Development Corporation has executed the Eighth Amendment to its Existing Credit Agreement with BOKF, NA, extending the maturity date on the Revolving Loan to July 11, 2025, and requiring step downs to $4.5 million by May 31, 2025 [1] - The maturity dates of two term loans have also been extended to September 19, 2025, providing additional time for the company to manage its financial obligations [1] - The company has paid down over$3.0 million in bank debt and reduced payables by $2.0 million, strengthening its balance sheet during the marketing process of the Hilti Complex [2] Group 2 - The engagement of Keen-Summit as the new real estate broker for the Hilti Complex has been announced, with marketing materials completed and the property re-listed for sale [2] - The funds from the sale of the Hilti Complex are expected to completely pay off the borrowings under the Revolver and Term Loans, allowing the company to operate with limited borrowings post-sale [2] - Eliminating debt and interest payments from the sale of the Hilti Complex is anticipated to positively impact the company's profitability and cash flow [2] Group 3 - Educational Development Corporation specializes in publishing children's books and owns brands such as Kane Miller Books, Learning Wrap-Ups, and SmartLab Toys [3] - The company is the exclusive U.S. MLM distributor of Usborne Publishing Limited children's books, with products sold through 4,000 retail outlets and independent brand partners [3]