Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: April 27, 2010
Event: Entry into a material definitive agreement and creation of a direct financial obligation.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or overall liquidity metrics. It specifically addresses a credit facility amendment:
- Facility Type: Revolving Secured Line of Credit.
- Principal Amount: Up to $8 million.
- Borrower: Medallion Funding LLC (wholly-owned subsidiary).
- Lender: New York Commercial Bank.
- Revised Maturity Date: Extended to June 1, 2010.
Material Changes
The primary material change is the extension of the maturity date for the existing Amended and Restated Revolving Secured Line of Credit Promissory Note (originally dated March 6, 2006). The filing does not provide comparative financial data against prior periods.
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 status of the $8 million credit facility as of the new maturity date (June 1, 2010).
- Review the full text of the Amendment (Exhibit 4.1) for any changes to interest rates, covenants, or collateral requirements not detailed in the summary.
- Confirm whether the extension was necessary due to liquidity constraints or operational planning.