Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: December 1, 2005
Reporting Period: Event date December 1, 2005
This filing reports the entry into a material definitive agreement and the creation of a direct financial obligation by Medallion Funding Corp., a wholly-owned subsidiary of Medallion Financial Corp.
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.
- New Maturity Date: Extended to February 1, 2006.
Material Changes
The material change reported is the amendment of the existing Revolving Secured Line of Credit Promissory Note. The primary modification is the extension of the maturity date from its original term to February 1, 2006. No other changes to the principal amount or terms are explicitly detailed in the summary text.
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 for complete terms.
Investor Verification Checklist
- Verify the full terms of the Amendment to the Revolving Secured Line of Credit Promissory Note in Exhibit 10.1.
- Confirm the impact of the maturity extension on the company's short-term liquidity requirements for early 2006.
- Review the subsidiary structure to confirm Medallion Funding Corp.'s relationship to the parent company.
- Check for any subsequent filings regarding the repayment or further amendment of this $4 million note.