PAR Technology Corp Enters Material Definitive Agreement

Ticker: PAR · Form: 8-K · Filed: Jul 11, 2024 · CIK: 708821

Par Technology Corp 8-K Filing Summary
FieldDetail
CompanyPar Technology Corp (PAR)
Form Type8-K
Filed DateJul 11, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$90.0 million, $20.0 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation

TL;DR

PAR Tech just signed a big deal, creating a new financial obligation. Details in the 8-K.

AI Summary

On July 5, 2024, PAR Technology Corporation entered into a material definitive agreement, creating a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing this event. The filing was made on July 11, 2024.

Why It Matters

This filing indicates a significant new financial commitment or obligation for PAR Technology Corporation, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement and creating a direct financial obligation can introduce new risks related to debt, performance, or market conditions.

Key Players & Entities

  • PAR Technology Corporation (company) — Registrant
  • July 5, 2024 (date) — Date of earliest event reported
  • July 11, 2024 (date) — Filing date
  • Delaware (jurisdiction) — State of incorporation
  • 315-738-0600 (phone_number) — Registrant's telephone number

FAQ

What type of material definitive agreement did PAR Technology Corporation enter into?

The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on July 5, 2024.

What is the principal executive office address for PAR Technology Corporation?

The principal executive offices are located at PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991.

What is the SEC file number for PAR Technology Corporation?

The SEC file number for PAR Technology Corporation is 001-09720.

What is the IRS Employer Identification Number for PAR Technology Corporation?

The IRS Employer Identification Number for PAR Technology Corporation is 16-1434688.

Filing Stats: 1,199 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-07-11 16:04:25

Key Financial Figures

  • $90.0 million — n initial aggregate principal amount of $90.0 million (the "Credit Facility" and, the loans t
  • $20.0 million — uired to maintain liquidity of at least $20.0 million and a total net annual recurring revenu

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 5, 2024, PAR Technology Corporation, a Delaware corporation ("PAR Technology") entered into a Credit Agreement (the "Credit Agreement"), by and among PAR Technology, as the borrower, certain of PAR Technology's US subsidiaries, as guarantors (the "Subsidiary Guarantors"), the lenders party thereto (the "Lenders"), and Blue Owl Capital Corporation, as administrative agent and collateral agent (the "Administrative Agent"), and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner. The Credit Agreement provides for a term loan in an initial aggregate principal amount of $90.0 million (the "Credit Facility" and, the loans thereunder, the "Term Loans"). The Credit Facility may be increased by an additional unlimited amount subject to compliance with a first lien net annual recurring revenue leverage ratio test of 0.31 to 1.00. Proceeds of the Credit Facility will be used to partially fund PAR Technology's acquisition (the "TASK Acquisition") of TASK Group Holdings Limited ("TASK"), pursuant to the Scheme Implementation Agreement entered into between PAR Technology and TASK on March 8, 2024 (Eastern Standard Time)/March 9, 2024 (Sydney Time), previously reported by PAR Technology in a Current Report on Form 8-K filed on March 11, 2024. Any remaining funds will be used for working capital and general corporate purposes. On July 10, 2024, PAR Technology, the Subsidiary Guarantors, the Lenders, and the Administrative Agent, entered into a First Amendment to Credit Agreement (the "Amendment"), to extend the period of time permitted between the date of PAR Technology's initial borrowing under the Credit Agreement and the closing of the TASK Acquisition, from three (3) business days, to five (5) business days. All conditions precedent to the closing of the TASK Acquisition have been satisfied, including the approval of the TASK Acquisition by TASK's shareholders on July 4, 2024 (Sydney Time), the approva

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Description 10.1 Credit Agreement, dated July 5, 2024, by and among PAR Technology Corporation, its subsidiaries party thereto as guarantors, the entities party thereto as lenders, Blue Owl Capital Corporation, as administrative agent and collateral agent, and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner. 10.2 First Amendment to Credit Agreement, dated July 10, 2024, by and among PAR Technology Corporation, its subsidiaries party thereto as guarantors, the entities party thereto as lenders, Blue Owl Capital Corporation, as administrative agent and collateral agent, and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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. PAR TECHNOLOGY CORPORATION (Registrant) Date: July 11, 2024 /s/ Bryan A. Menar Bryan A. Menar Chief Financial Officer (Principal Financial Officer)

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