Patriot National, Inc. (NYSE:PN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On July14, 2017, the lenders under the Financing Agreement, dated November9, 2016, by and among Patriot National, Inc. (the “Company”), Cerberus Business Finance, LLC, as collateral agent and as administrative agent (“Cerberus”), and the other lenders party thereto, executed a waiver consenting to extend the time by which the Company must deliver its audited financial statements to the lenders, provided that (i)the Company deliver such financial statements to the lenders on or prior to August11, 2017, (ii) the $30.0million total revolving credit commitment is terminated in full on the waiver effective date, and (iii)from and after the waiver effective date, the Company does not pay any dividends or make other cash distributions in respect of or repurchase any of its equity interests. The effectiveness of the waiver is subject to the fulfillment of certain conditions precedent, including the Company’s payment of a non-refundable waiver fee equal to $400,000 to Cerberus, in its capacity as administrative agent, for the account of the lenders. The waiver effective date was July 14, 2017.
| Item 1.01. | Termination of a Material Definitive Agreement. |
The disclosure set forth above under Item 1.01. – Entry into a Material Definitive Agreement., with respect to the termination of the total revolving credit commitment, is incorporated herein by reference.
About Patriot National, Inc. (NYSE:PN)
Patriot National, Inc. is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration. It also offers specialty services, including technology outsourcing and other information technology (IT) services, as well as employment pre-screening and background checks. The Company’s brokerage and policyholder services include general agency services and specialty underwriting and policyholder services provided to its insurance carrier clients. The Company’s claims administration services relate to the administration and resolution of workers’ compensation claims.