TransAct Technologies Amends Loan and Security Agreement with Siena Lending Group

On November 20, 2024, TransAct Technologies Incorporated entered into Amendment No. 4 (the “Credit Facility Amendment”) with Siena Lending Group LLC to amend the Loan and Security Agreement dated March 13, 2020. This agreement was previously amended thrice, with the latest being in May 2023. The Credit Facility Amendment, alongside a Second Amended and Restated Fee Letter, marked significant changes to the existing agreement.

The major update in the Credit Facility Amendment includes extending the maturity date from March 13, 2025, to March 31, 2027. Moreover, the Amended Fee Letter introduced an increase in the minimum borrowing amount from $2,250,000 to $3,000,000. This change mandates the company to either uphold outstanding borrowings of at least $3,000,000 in principal amount or pay interest on a minimum of $3,000,000 principal amount of loans, even if such an amount is not actually outstanding.

Additionally, the Amended Fee Letter outlined conditions for prepayment and termination of the Loan Agreement, stipulating a two percent premium for prepayment on or before March 31, 2025, a one percent premium from April 1, 2025, through March 31, 2026, and no premium for prepayment thereafter.

Both the Credit Facility Amendment and the Amended Fee Letter have been submitted as Exhibits 10.1 and 10.2, respectively, for reference. It is crucial to note that the descriptions provided above do not encompass the complete details of the amendments and are best understood by referring to the official documentation.

The filing with the Securities and Exchange Commission (SEC) also includes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, per Item 2.03 of the report. The financial statements and exhibits related to the amendments have been attached as part of Item 9.01.

Overall, the amendments signify a significant step for TransAct Technologies in reshaping its financial agreements, providing insights into the evolving financial landscape of the company.

This report was issued on November 21, 2024, and was signed by Steven A. DeMartino, the President, Chief Financial Officer, Treasurer, and Secretary of TransAct Technologies Incorporated, on behalf of the registrant.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TransAct Technologies’s 8K filing here.

TransAct Technologies Company Profile

TransAct Technologies Incorporated designs, develops, and markets transaction-based and specialty printers and terminals in the United States and internationally. It offers thermal printers and terminals to generate labels, coupons, and transaction records, such as receipts, tickets, and other documents.