Business Context and Reporting Period
Medallion Financial Corp. filed a Form 8-K Current Report on February 1, 2006. The filing concerns 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 comprehensive financial statements, revenue, profit, cash flow, or margin data. The specific financial metric disclosed relates to a debt instrument:
- Debt Instrument: Revolving Secured Line of Credit Promissory Note.
- Principal Amount: $4 million.
- Lender: Atlantic Bank of New York.
- Original Date: January 25, 2005.
Material Changes
On February 1, 2006, the subsidiary amended the existing Note to extend the maturity date to August 1, 2006. No other material changes to financial position or operations were reported in this document.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure of the debt amendment. The document incorporates the full text of the Amendment by reference as Exhibit 10.1.
Investor Verification Checklist
- Verify the terms of the Amendment to the Revolving Secured Line of Credit (Exhibit 10.1) for interest rate changes or covenants not explicitly detailed in the summary.
- Confirm the current status of the $4 million principal obligation as of the filing date.
- Review subsequent filings to determine if the debt was repaid or further amended prior to the new August 1, 2006 maturity date.