MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBCP) Files An 8-K Other EventsItem 8.01 Other Events
to a certain assignment agreement (together with amendments, “Prudential Agreement”), MTBC Acquisition, Corp. (“MAC”), a wholly owned subsidiary of Medical Transcription Billing, Corp. (together with MAC, “MTBC”), acquired senior secured notes from The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company (together “Prudential”) that were secured by the assets of MediGain, LLC, a Texas limited liability company, and its affiliate Millennium Practice Management Associates, LLC, a New Jersey limited liability company (together, “MediGain”). Contemporaneous with its acquisition of the senior secured notes, MAC consummated a strict foreclosure resulting in its acquisition of substantially all of the assets of MediGain.
The total purchase price for the senior secured notes was $7,000,000. to the Assignment Agreement, MTBC paid $2,000,000 of the purchase price at closing, leaving a balance of $5,000,000, a portion of which accrued interest. On September 28, 2017, MTBC paid Prudential $5,270,000, comprised of principal and accrued interest due related to the MediGain transaction. MTBC’s September 28th payment constituted payment in full of MTBC’s obligation to Prudential.
Item 9.01 Financial Statements and Exhibits
(S)
MEDICAL TRANSCRIPTION BILLING, CORP ExhibitEX-99.1 2 ex99-1.htm MTBC Announces Final $5 Million MediGain Acquisition Payment SOMERSET,…To view the full exhibit click here