secwatch.observer — SEC 8-K summary
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Issuer:     PAR TECHNOLOGY CORP (PAR)
CIK:        0000708821
Form:       8-K
Filed at:   2024-07-11T23:59:59+00:00
Accession:  0000708821-24-000067
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PAR Tech enters $90M credit facility to fund TASK acquisition; close expected July 18
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- Initial aggregate principal amount of $90.0 million term loan from Blue Owl Capital-led lender group.
- Proceeds to partially fund TASK Group Holdings acquisition; all conditions satisfied, close on July 18, 2024.
- Interest rate: ABR + 3.50-4.50% or SOFR + 4.50-5.50% based on total net annual recurring revenue leverage ratio.
- Maturity on July 5, 2029 or earlier upon maturity of 2027 Convertible Senior Notes.
- Financial covenants: minimum liquidity $20M, total net ARR leverage ratio ≤ 1.25x; secured by substantially all assets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/708821/000070882124000067/0000708821-24-000067-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/708821/000070882124000067/par-20240705.htm
  HTML page:      https://secwatch.observer/filing/0000708821-24-000067

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