Performant Financial Corporation (NASDAQ:PFMT) Files An 8-K Entry into a Material Definitive Agreement

Performant Financial Corporation (NASDAQ:PFMT) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01

Entry into a Material Definitive Agreement.
On March 22, 2017, Performant Business Services, Inc., which is a
wholly-owned subsidiary of Performant Financial Corporation (the
Company) and is the borrower under that certain Credit Agreement
dated as March 19, 2012 with Madison Capital Funding LLC, as
agent (the Agent) and the lenders party thereto from time to time
(as amended, the Credit Agreement), entered into Amendment No. 7
to the Credit Agreement (the Seventh Amendment). The Company and
certain other of its subsidiaries are guarantors of the
obligations under the Credit Agreement.
In connection with Amendment No. 4 to the Credit Agreement dated
as of February 19, 2016, the Company deposited $7.5 million into
a deposit account which is subject to the exclusive control of
the Agent. to the Seventh Amendment, the date on which these
funds will be remitted to the Agent for application to the term
loans or other obligations, as applicable, under the Credit
Agreement has been extended by approximately two and a half
months, to May 15, 2017 (or such later date not more than thirty
(30) days thereafter as may be agreed by Agent in its sole
discretion); however, all or a portion of these funds may also be
returned to the Company if the Agent and the requisite lenders
under the Credit Agreement elect otherwise in their sole
discretion. These funds may also be remitted to the Agent in
accordance with the foregoing sentence prior to May 15, 2017 if
an event of default has occurred and is continuing under the
Credit Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Amendment No. 7 to Credit Agreement, dated as of March 22,
2017, by and among Performant Business Services, Inc., the
Lenders party hereto, and Madison Capital Funding, LLC.

About Performant Financial Corporation (NASDAQ:PFMT)

Performant Financial Corporation (Performant) provides technology-enabled recovery and related analytics services in the United States. The Company’s services identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a range of markets. The Company provides its services on an outsourced basis where the Company handles many or all aspects of its clients’ recovery processes. The Company uses its technology-enabled services platform to provide recovery and analytics services in a range of markets for the identification and recovery of student loans, improper healthcare payments and delinquent state tax and federal treasury receivables. It provides recovery services to the government-supported student loan industry and its clients include the Department of Education and Guaranty Agencies, as well as private financial institutions. The Company provides recovery services related to improper payments in the healthcare market.

Performant Financial Corporation (NASDAQ:PFMT) Recent Trading Information

Performant Financial Corporation (NASDAQ:PFMT) closed its last trading session down -0.07 at 1.95 with 31,474 shares trading hands.

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