EDUCATIONAL DEVELOPMENT CORP - 10-Q filing on 2022-01-06

DEBT (Tables)

9 Months Ended

Nov. 30, 2021

Debt consists of the following:

	November 30, 2021			February 28, 2021

Line of credit	$	3,019,400		$	5,245,300


Advancing term loan #1	$	5,013,700		$	-
Advancing term loan #2		10,000,000			-
Term loan #1		10,514,200			10,984,700
Total long-term debt		25,527,900			10,984,700

Less current maturities		(2,525,400	)		(533,500	)
Less debt issue cost		(49,600	)		-
Long-term debt, net	$	22,952,900		$	10,451,200

Schedule of Long-term Debt Instruments [Table Text Block]

The advancing term loans and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. The variable interest pricing tiers are as follows:

Pricing Tier	Adjusted Funded Debt to EBITDA Ratio	LIBOR Margin (bps)
I	> 2.50	325.00
II	> 2.00 but < 2.50	300.00
III	> 1.50 but < 2.00	275.00
IV	< 1.50	250.00

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows:

Years ending February 28 (29),
2022	$	622,700
2023		2,541,800
2024		2,587,900
2025		2,634,700
2026		10,499,200
Thereafter		6,641,600
Total	$	25,527,900