Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 26

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note C, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of January 31, 2025 were as follows:January 31, 2025($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated AmortizationNet Book ValueCustomer relationships10 years$9,800 $(245)$9,555 Trade names and trademarksindefinite4,900 — 4,900 Developed technology7 years3,900 (139)3,761 Total$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 $