Business Context and Reporting Period
This Form 8-K was filed by Medallion Financial Corp. on September 26, 2007. The report details a material definitive agreement entered into by Medallion Funding Corp., a wholly-owned subsidiary of the registrant.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity metrics. The primary financial data disclosed relates to a credit facility:
- Credit Facility: Amended Revolving Secured Line of Credit.
- Lender: Atlantic Bank, a division of New York Commercial Bank.
- Principal Amount: Up to $8 million.
- New Maturity Date: Extended to August 1, 2008.
Material Changes
The material change reported is the amendment of the Amended and Restated Revolving Secured Line of Credit Promissory Note originally dated March 6, 2006. The specific change is the extension of the note's maturity date to August 1, 2008.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure of the debt obligation. The document incorporates the full text of the Amendment by reference as Exhibit 4.1.
Investor Verification Checklist
- Verify the terms of the Amendment attached as Exhibit 4.1 for interest rates, covenants, and collateral requirements.
- Confirm the current outstanding balance under the $8 million revolving line of credit.
- Review the subsidiary's (Medallion Funding Corp.) ability to service the debt through the new maturity date of August 1, 2008.