VIRCO MFG CORPORATION — Form 10-Q
Filed September 4, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 28/100
What the filing says
Amendment No. 8 to Virco's revolving credit agreement with PNC Bank (dated September 3, 2026) introduces equipment loan capability up to $3M with 3-year amortization, modifies receivables advance rate from 85% to 90%, adjusts seasonal ATS inventory sublimits (from $10M to $9M base, $15M to $10M in peak months), and introduces Torrance Leasehold rental expense adjustments to EBITDA calculations. PNC remains sole lender. No dollar amount of financing drawn is specified in the amendment itself.
Why this rating
Equipment loan addition and advance rate tweaks are routine facility enhancements. Relative to ~$101M market cap, a $3M equipment sublimit is minor. No material covenant changes, financial restatement, or going-concern risk. Administrative refinement of existing $40–60M revolving facility.
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