STG GROUP, INC. (OTCMKTS:STGG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
STG Group, Inc. (the Company) entered into a Limited Waiver (the
Waiver) from MC Admin Co LLC and other lenders under that certain
Credit Agreement, dated as of November 23, 2015 (the Credit
Agreement) as of March 31, 2017, to which the lenders waived the
Companys noncompliance with the covenants related to the fixed
charge coverage ratio, consolidated EBITDA and the senior secured
leverage ratio, as of December 31, 2016. to the Waiver:
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Loans under the Credit Agreement are subject to additional interest at a rate of 2% per annum until the earliest of (x) the date on which all loans are repaid and all commitments under the Credit Agreement are terminated, (y) the date we deliver the financial statements and certificates for the quarter ending March 31, 2017 showing that we are not in default under the Credit Agreement or (z) the date on which default interest is otherwise due under the Credit Agreement; |
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We must obtain lender consent prior to using our revolving credit facility; and |
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We cannot effect a cure right under the Credit Agreement in respect of the quarter ending March 31, 2017. |
About STG GROUP, INC. (OTCMKTS:STGG)
STG Group, Inc., formerly Global Defense & National Security Systems, Inc., provides specialist cyber, software and intelligence solutions. The Company’s solutions are integral to national security-related programs run by approximately 50 the United States Government agencies, including the Department of Defense, the Intelligence Community, the Department of Homeland Security, the Department of State and other government departments with national security responsibilities. Its area of operation include security information and event management; network intrusion detection and prevention; application vulnerability assessment; agile software development; command and control system development; complex application development; advanced collection and analysis; multi-intelligence exploitation and dissemination, and multi-lingual intelligence analysis. It specializes in cyber security and secure information systems; software development, systems and services, and intelligence and analytics. STG GROUP, INC. (OTCMKTS:STGG) Recent Trading Information
STG GROUP, INC. (OTCMKTS:STGG) closed its last trading session down -0.45 at 2.00 with shares trading hands.
