Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 53

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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18,600 $(384)$18,216 

11

Expected future amortization expense related to intangible assets, net as of January 31, 2025, excluding trade names and trademarks, are as follows:

($ in thousands)Remainder of fiscal 2025$384 20261,537 20271,537 20281,537 20291,537 Thereafter6,784 Total$13,316  

H. Long-term Debt and Other Credit Arrangements

The components of the Company's long-term debt, excluding lease and sale-leaseback-related activity, as presented on the Condensed Consolidated Balance Sheet were as follows:($ in thousands)January 31, 2025PNC Loan Agreement$14,500 Seller Notes23,463 Total long-term debt$37,963 Current portion of long-term debt$3,000 Non-current portion of long-term debt34,963 Total long-term debt$37,963 See Note J, Leases, for more information on any long-term debt related to the Company's lease portfolio and Note I, Sale-Leaseback Financing Transaction, for more information on any long-term debt related to the Company's sale-leaseback financing transaction.PNC Loan AgreementAs noted in Note C, Nu Aire Acquisition, the Company entered into a Loan Agreement (the “Loan Agreement”) with PNC on November 1, 2024. The loans governed by the Loan Agreement include (i) a $20.0 million committed senior secured revolving line of credit facility (the “Revolving Credit Facility”), which contains an option to increase the facility upon request by the Company and approval by PNC, in its discretion, by an additional $10.0 million; and (ii) a $15.0 million term loan (the “Term Loan”).  The Revolving Credit Facility and Term Loan mature on November 1, 2029.  The Revolving Credit Facility and the Term Loan can be paid at any time without penalty.For the Revolving Credit Facility, the interest rate will be selected by the Company at each advance from one of two options. Option one is a base rate option. Option 2 is a daily secured overnight financing rate. There is an unused fee of 0.15% to 0.25%, determined by the ratio of senior debt to the Company’s EBITDA, of the unused daily balance of the Revolving Credit Facility.  For the Term Loan