Current Report Filing (8-k)
September 11 2017 - 9:40AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported):
September 8, 2017
MEDICAL
TRANSCRIPTION BILLING, CORP.
(Exact name of registrant as specified in its charter)
Delaware
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333-192989
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22-3832302
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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7
Clyde Road, Somerset, New Jersey, 08873
(Address
of principal executive offices, zip code)
(732)
873-5133
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [x]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [x]
Item
1.01 Entry into a Material Definitive Agreement
On
September 2, 2015, Medical Transcription Billing, Corp. (“MTBC”), entered into a Credit Agreement with Opus Bank (“Opus”),
which was later amended by the parties.
On
September 8, 2017, MTBC entered into a Fourth Amendment to Credit Agreement (“Agreement”) with Opus whereby the parties
agreed as follows:
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●
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MTBC
is permitted to use its available cash to pay amounts due to Prudential, subject to remaining in compliance with Opus’
covenants;
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MTBC
agreed to, and in fact did, repay all Opus term debt on September 8, 2017;
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●
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MTBC’s
$2 million Opus line of credit will mature on March 31, 2018 and the interest rate will not increase so long as there is not
an event of default; and
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●
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MTBC
will no longer be required to apply proceeds of capital raised through public offerings to repayment of Opus loan obligations.
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The
foregoing description of the Agreement does not purport to be complete and is qualified entirely by reference to the complete
text of such document, a copy of which is attached as an exhibit to this Current Report on Form 8-K and is incorporated herein
by reference.
Item
9.01 Financial Statements and Exhibits
SIGNATURE(S)
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
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Medical Transcription Billing, Corp.
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Date:
September 11, 2017
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By:
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/s/
Mahmud Haq
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Mahmud
Haq
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Chairman
of the Board and Chief Executive Officer
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