Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: October 4, 2016
Event: Entry into a Material Definitive Agreement (Amendment No. 7 to Loan and Security Agreement).
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity metrics. The document solely reports on a contractual amendment.
Material Changes
On October 4, 2016, Taxi Medallion Loan Trust III, an indirect wholly-owned subsidiary of the Company, entered into an amendment to its Loan and Security Agreement dated December 12, 2008. The agreement involves Autobahn Funding Company LLC and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main.
- Change Implemented: A technical change was executed to improve the Trust's flexibility under the credit facility.
- Parties Involved: Taxi Medallion Loan Trust III, Medallion Funding LLC, Medallion Financial Corp., Medallion Capital, Inc., Freshstart Venture Capital Corp., Autobahn Funding Company LLC, and DZ Bank AG.
Guidance, Outlook, and Risks
The filing does not provide management commentary, financial guidance, outlook, or specific risk factors beyond the standard disclosure that the description of the Amendment is qualified by reference to the full text of the Amendment attached as Exhibit 10.1.
Investor Verification Checklist
- Review Exhibit 10.1 (Amendment No. 7) to understand the specific technical changes made to the credit facility.
- Verify the impact of the increased flexibility on the Trust's borrowing capacity or covenants.
- Confirm the current status of the underlying Loan and Security Agreement dated December 12, 2008.