MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBCP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On September 2, 2015, Medical Transcription Billing, Corp. (“MTBC”), entered into a Credit Agreement with Opus Bank (“Opus”), which was later amended by the parties.
On September 8, 2017, MTBC entered into a Fourth Amendment to Credit Agreement (“Agreement”) with Opus whereby the parties agreed as follows:
| ● | MTBC is permitted to use its available cash to pay amounts due to Prudential, subject to remaining in compliance with Opus’ covenants; |
| ● | MTBC agreed to, and in fact did, repay all Opus term debt on September 8, 2017; |
| ● | MTBC’s $2 million Opus line of credit will mature on March 31, 2018 and the interest rate will not increase so long as there is not an event of default; and |
| ● | MTBC will no longer be required to apply proceeds of capital raised through public offerings to repayment of Opus loan obligations. |
The foregoing description of the Agreement does not purport to be complete and is qualified entirely by reference to the complete text of such document, a copy of which is attached as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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MEDICAL TRANSCRIPTION BILLING, CORP ExhibitEX-1.1 2 ex1-1.htm Execution Version FOURTH AMENDMENT TO CREDIT AGREEMENT THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),…To view the full exhibit click here