Bassett Furniture Secures $50M Credit Facility
Ticker: BSET · Form: 8-K · Filed: Jul 9, 2024 · CIK: 10329
| Field | Detail |
|---|---|
| Company | Bassett Furniture Industries INC (BSET) |
| Form Type | 8-K |
| Filed Date | Jul 9, 2024 |
| Risk Level | low |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $5.00, $0.20 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, credit-facility, debt
Related Tickers: BAC
TL;DR
Bassett Furniture just inked a new $50M credit line with Bank of America, maturing in 2029.
AI Summary
Bassett Furniture Industries, Inc. announced on July 9, 2024, that it has entered into a new credit agreement with Bank of America, N.A. This agreement provides a revolving credit facility of up to $50 million, which matures on July 9, 2029. The company intends to use this facility for general corporate purposes.
Why It Matters
This new credit facility provides Bassett Furniture with enhanced financial flexibility for its ongoing operations and strategic initiatives.
Risk Assessment
Risk Level: low — The filing is a routine credit agreement announcement with a major bank, indicating standard corporate financing.
Key Numbers
- $50.0M — Credit Facility (Maximum amount available under the new revolving credit agreement with Bank of America.)
- 2029-07-09 — Maturity Date (The date on which the new credit facility will expire.)
Key Players & Entities
- Bassett Furniture Industries, Inc. (company) — Registrant
- Bank of America, N.A. (company) — Lender
- $50 million (dollar_amount) — Revolving credit facility amount
- July 9, 2029 (date) — Maturity date of credit facility
- July 9, 2024 (date) — Date of credit agreement
FAQ
What is the purpose of the new credit agreement?
The company intends to use the revolving credit facility for general corporate purposes.
Who is the lender for the new credit facility?
The new credit agreement is with Bank of America, N.A.
What is the maximum amount available under the credit facility?
The revolving credit facility provides for borrowings of up to $50 million.
When does the new credit facility mature?
The new credit facility matures on July 9, 2029.
What type of credit facility is this?
This is a revolving credit facility.
Filing Stats: 441 words · 2 min read · ~1 pages · Grade level 10.9 · Accepted 2024-07-09 16:09:23
Key Financial Figures
- $5.00 — ange on which registered Common Stock ($5.00 par value) BSET NASDAQ Indicate by
- $0.20 — declaration of a quarterly dividend of $0.20 per share of common stock payable on Au
Filing Documents
- bset20240708_8k.htm (8-K) — 28KB
- ex_696166.htm (EX-99) — 5KB
- a01.jpg (GRAPHIC) — 5KB
- 0001437749-24-022405.txt ( ) — 171KB
- bset-20240709.xsd (EX-101.SCH) — 3KB
- bset-20240709_def.xml (EX-101.DEF) — 11KB
- bset-20240709_lab.xml (EX-101.LAB) — 15KB
- bset-20240709_pre.xml (EX-101.PRE) — 11KB
- bset20240708_8k_htm.xml (XML) — 3KB
01
Item 8.01 Other Events On July 9, 2024, Bassett Furniture Industries issued a news release relating to the declaration of a quarterly dividend of $0.20 per share of common stock payable on August 30, 2024, to shareholders of record at the close of business on August 16, 2024. A copy of the news release is attached to the report as Exhibit 99.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99 News release issued by Bassett Furniture Industries, Inc. on July 9, 2024. 104 Cover Page Interactive Data File (embedded within the inline XBRL document)
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. July 9, 2024 By: /s/ J. Michael Daniel J. Michael Daniel Title: Senior Vice President – Chief Financial & Administrative Officer