Priority Technology Holdings, Inc. (PRTH): M&A transaction — Priority Technology completes acquisition of Plastiq assets for $27.5M cash plus earnout

Priority Technology Holdings, Inc.

Closed acquisition of Plastiq Inc. assets after Bankruptcy Court approval on July 27, 2023.
Cash consideration of $27.5M at closing, plus earnout to Blue Torch and consideration to Colonnade via Side Letter.
Additional $25M revolving credit commitment (Third Amendment) funded the cash portion; $15M available June 30, $10M at closing.
Plastiq's bill pay and working capital platform combined with Priority's payments and banking solutions for unified B2B offering.
Keefe, Bruyette & Woods served as financial advisor; Troutman Pepper as legal advisor to Priority.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Priority Technology Holdings, Inc. amended revolving credit of Additional Revolving Commitment in an aggregate principal amount of $25,000,000, $15,000,000 of which was available imme with Truist Bank at Not specified maturing Not specified.

Instrument: revolving credit
Principal: Additional Revolving Commitment in an aggregate principal amount of $25,000,000, $15,000,000 of which was available imme
Counterparty: Truist Bank
Rate: Not specified
Maturity: Not specified
Event: amendment

Exact text from the filing

Third Amendment amended the Credit Agreement to, among other things, provide for additional revolving commitments under the Credit Agreement in an aggregate principal amount of $25,000,000 (the “ Additional Revolving Commitment ”), $15,000,000 of which was available immediately upon effectiveness of the Third Amendment. In connection with the consummation of the

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Priority Technology Holdings, Inc. completed an acquisition involving Plastiq Inc., PLV Inc., and Nearside Business Corp. for $27,500,000 in cash at the consummation of the Sale (closed 2023-07-31).

Action: acquisition
Counterparty: Plastiq Inc., PLV Inc., and Nearside Business Corp.
Consideration: $27,500,000 in cash at the consummation of the Sale
Closing: 2023-07-31

Exact text from the filing

Purchase Agreement, in addition to the assumption of Liabilities (as defined in the Purchase Agreement), the Purchase Agreement provided for consideration that consisted of: (i) $27,500,000 in cash at the consummation of the Sale (the “ Closing ”); (ii) payment of the consideration to Blue Torch as described in the Earnout Agreement; and (iii) payment of the

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

Priority Technology Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001653558-23-000087

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.