Scholastic amends $400 million revolving credit facility, extends maturity to 2029
Scholastic and its subsidiary Scholastic Inc. signed a Third Amendment to their credit agreement on November 26, 2024, keeping a $400.0 million unsecured revolving credit facility with a November 26, 2029 maturity. The amendment removes a 0.10% credit spread adjustment on Term SOFR loans and allows unlimited cash dividends and share repurchases while the pro forma Consolidated Net Leverage Ratio is not above 2.75:1.
Key points
- Revolving credit facility of $400.0 million, unsecured, maturing November 26, 2029
- Cash dividends and share repurchases permitted in unlimited amounts if pro forma Consolidated Net Leverage Ratio is not above 2.75:1
- Amendment eliminated the 0.10% (10 basis points) credit spread adjustment on Term SOFR loans
- Accordion feature allows an increase of up to an additional $150.0 million
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 03, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.