Mastech Digital, Inc 8-K, filed Jan 4, 2022
Mastech Digital, Inc. (MHH)
About this 8-K
Mastech Digital, Inc filed this 8-K on January 4, 2022, reporting on events of December 29, 2021.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.03: New debt or off-balance-sheet obligation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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CURRENT REPORT
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| Item 1.01. | Entry into a Material Definitive Agreement. |
Fourth Amendment to Credit Agreement
On December 29, 2021, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to its Credit Agreement, dated as of July 13, 2017, and amended by that certain First Amendment, dated as of November 14, 2017, and Second Amendment, dated as of April 20, 2018 and Third Amendment dated October 1, 2020 (the “Credit Agreement”), by and among the Company, certain of its subsidiaries (collectively with the Company, the “Company Entities”), PNC Bank, National Association, as administrative agent, swing loan lender and issuing lender, PNC Capital Markets LLC, as sole lead arranger and sole bookrunner, and certain financial institutions party thereto as lenders (“PNC”).
The Fourth Amendment amends the Credit Agreement by, among other things, (i) increasing the aggregate commitment amount of the revolving credit facility to the Company Entities (the “Revolving Credit Facility”) to $40 million, (ii) extending the maturity date of the term loan previously provided to the Company Entities pursuant to the Credit Agreement to October 1, 2024, (iii) extending the maturity date of the Revolving Credit Facility to December 29, 2026, (iv) changing the benchmark interest rate from LIBOR to the Bloomberg Short-Term Bank Yield Index (“BSBY”); and (v) adding the ability to borrow in Euros and Pound Sterling under the Revolving Credit Facility.
The foregoing summary of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amendment, which will be filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 or via an amendment to this Current Report on Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The description of the terms of the Fourth Amendment set forth above in Item 1.01 is incorporated by reference into this Item 2.03.
SIGNATURES
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.
| MASTECH DIGITAL, INC. | ||
| By: | /s/ John J. Cronin | |
| Name: | John J. Cronin | |
| Title: | Chief Financial Officer | |
January 4, 2022