JOINT Corp (JYNT): debt financing — JPMorgan grants temporary waiver of default under $20M revolver until Sept 30 for late Q2 10-Q filing

JOINT Corp

Default triggered by failure to timely file Q2 2023 10-Q; JPMorgan waived until Sept 30, 2023.
Outstanding $2M principal plus $36,150 interest on senior secured revolver; no other covenant breach.
If not cured by Sept 30, credit facility may accelerate, interest rate rise 2%.
Company holds $14.8M unrestricted cash as of Aug 31, 2023, sufficient to cover outstanding.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

JOINT Corp amended revolving credit of $20,000,000 with JPMorgan Chase Bank, N.A. at increase the rate of interest applicable to the outstanding loans and other obli maturing 2027-02-28.

Instrument: revolving credit
Principal: $20,000,000
Counterparty: JPMorgan Chase Bank, N.A.
Rate: increase the rate of interest applicable to the outstanding loans and other obli
Maturity: 2027-02-28
Event: amendment

Exact text from the filing

10-Q on or before September 30, 2023, will constitute an immediate default. Under the Credit Agreement, the Company’s senior secured revolving line of credit (the “Revolver”) is $20,000,000, the portion of the Revolver available for letters of credit is $5,000,000 and the uncommitted additional line of credit is $30,000,000 (collectively, the “2022 Credit

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JOINT Corp filing history →

Source: SEC EDGAR

accession 0001171843-23-005680

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