On May 6, 2013, Kewaunee Scientific Corp. entered into a credit and security agreement (the Loan Agreement) with Wells Fargo Bank, National Association, consisting of a $20 million revolving credit facility which matures on May 1, 2016 (Line of Credit), a term loan in the amount of $3,450,000.22 which matures on May 1, 2020 (Term Loan A), and a term loan in the amount of $1,549,999.78 which matures on May 1, 2020 (Term Loan B and together with Term Loan A, the Term Loans). The Line of Credit provides funds to refinance existing indebtedness to Bank of America, N.A. and for working capital and other general corporate purposes. In addition, it provides for the issuance of up to $5.6 million of letters of credit for account, and the guarantee by the company of all lines of credit, or other credit facilities, provided by the Bank, or any affiliate of the Bank, to certain of its foreign subsidiaries (Foreign Subsidiary Credit Lines). The letter of credit facility is a part of the Line of Credit and the use of such facility, together with the use of any Foreign Subsidiary Credit Line by any of its subsidiaries, is taken into account when determining availability under the Line of Credit. Amounts under the Line of Credit will be due and payable in full on May 1, 2016. Indebtedness under the Line of Credit bears interest at a variable rate per annum equal to Daily One Month LIBOR plus 1.5% per annum. Daily One Month LIBOR is the rate of interest equal to LIBOR then in effect for delivery for a one-month period. Any default in the payment of principal, interest, or other overdue amounts bears interest at 4% above the rate otherwise applicable (or, if there is no applicable rate, at 4% above the rate referred to above). This may result in the compounding of interest.

Kewaunee Scientific Corp. announced that William A. Shumaker, Kewaunee's Chairman of the Board and Chief Executive Officer, will retire on June 30, 2013 after almost 20 years of service with the company. Mr. Shumaker will remain as a non-executive Chairman of the Board. As part of a planned leadership succession process, the Board of Directors appointed David M. Rausch, current President and Chief Operating Officer, to succeed Mr. Shumaker and to become a member of its Board of Directors, both effective July 1, 2013. Mr. Shumaker, 65, joined the company in December 1993 as Vice President of Sales and Marketing, after holding various management positions with businesses in the laboratory furniture and appliance industries for 24 years. Mr. Rausch, 54, joined Kewaunee in 1994 as Manager of Estimating.

Kewaunee Scientific Corp. announced its board of directors declared a quarterly cash dividend of 10 cents per outstanding share, payable on March 22, 2013 to stockholders of record at the close of business on March 8, 2013.