Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: November 25, 2009
Event: Entry into a material definitive agreement and creation of a direct financial obligation involving an amendment to a credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or margins. It focuses on a specific debt facility amendment.
- Credit Facility Maximum Commitment: Decreased to $35 million.
- Outstanding Balance: $27.4 million as of November 30, 2009.
- Facility Term Extension: Extended to May 25, 2010.
- Parties Involved: Taxi Medallion Loan Trust II (Borrower), Medallion Funding Corp., Citicorp North America, Inc. (Administrative Agent), Citibank N.A. (Committed Lender), and Charta LLC (Conduit Lender).
Material Changes Versus Prior Period
The filing details an amendment to the Loan and Security Agreement originally dated December 19, 2006. The material changes include:
- Reduction of the maximum commitment amount of the credit facility to $35 million.
- Extension of the term period to May 25, 2010.
- Implementation of other technical changes to the Credit Agreement and Servicing Agreement.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future performance, or a discussion of general risks. The primary contingency noted is the specific terms of the amended credit facility, which are incorporated by reference to the attached exhibit (Amendment No. 3).
Key Facts for Investor Verification
- Verify the specific "technical changes" mentioned in the amendment by reviewing Exhibit 10.1.
- Confirm the utilization rate of the facility ($27.4 million outstanding vs. $35 million commitment).
- Monitor the maturity date of the facility, now set for May 25, 2010.
- Review the roles of the lenders (Citibank N.A. and Charta LLC) to understand the capital structure of this specific subsidiary trust.