PACS Group Enters Material Definitive Agreement
Ticker: PACS · Form: 8-K · Filed: Nov 15, 2024 · CIK: 2001184
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
PACS Group just signed a big deal, creating a new financial obligation. Details inside.
AI Summary
On November 14, 2024, PACS Group, Inc. entered into a material definitive agreement, which also created a direct financial obligation for the registrant. The filing details the specifics of this agreement and its financial implications. The company is incorporated in Delaware and its principal executive offices are located in Farmington, Utah.
Why It Matters
This filing indicates a significant new financial commitment or obligation for PACS Group, Inc., which could impact its financial health and future operations.
Risk Assessment
Risk Level: medium — Entering into new material definitive agreements and financial obligations can introduce new risks related to performance, repayment, and market conditions.
Key Players & Entities
- PACS Group, Inc. (company) — Registrant
- November 14, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Farmington, Utah (location) — Address of principal executive offices
- 801) 447-9829 (phone_number) — Registrant's telephone number
FAQ
What type of material definitive agreement did PACS Group, Inc. enter into?
The filing states that PACS Group, Inc. entered into a material definitive agreement, but the specific nature of the agreement is not detailed in the provided text.
What is the nature of the direct financial obligation created by this agreement?
The filing indicates the creation of a direct financial obligation, but the specific terms and amount of this obligation are not provided in the excerpt.
When was the earliest event reported in this Form 8-K?
The earliest event reported in this Form 8-K was on November 14, 2024.
Where are PACS Group, Inc.'s principal executive offices located?
PACS Group, Inc.'s principal executive offices are located at 262 N. University Ave., Farmington, Utah 84025.
What is the SIC code for PACS Group, Inc.?
The Standard Industrial Classification (SIC) code for PACS Group, Inc. is 8051, which corresponds to SERVICES-SKILLED NURSING CARE FACILITIES.
Filing Stats: 616 words · 2 min read · ~2 pages · Grade level 11.9 · Accepted 2024-11-15 17:06:21
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share PACS The New York S
Filing Documents
- pacs-20241114.htm (8-K) — 26KB
- exhibit101-truistpacsxseco.htm (EX-10.1) — 49KB
- 0002001184-24-000048.txt ( ) — 202KB
- pacs-20241114.xsd (EX-101.SCH) — 2KB
- pacs-20241114_lab.xml (EX-101.LAB) — 21KB
- pacs-20241114_pre.xml (EX-101.PRE) — 12KB
- pacs-20241114_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On November 14, 2024, PACS Group, Inc. (the "Company") and its wholly-owned subsidiary, PACS Holdings, LLC (the "Borrower"), entered into an amendment (the "Amendment") to the Amended and Restated Credit Agreement, dated December 7, 2023, with Truist Bank (the "Administrative Agent") and the lenders party thereto (the "Lenders"). The Amendment modifies the affirmative covenant requiring the Borrower to deliver unaudited quarterly financial statements to the Administrative Agent (for distribution to the Lenders) within 45 days of the end of a fiscal quarter. Pursuant to the Amendment, the Borrower must deliver unaudited financial statements for the fiscal quarter ended September 30, 2024 within 52 days of the end of such fiscal quarter, which delivery date may be further extended by written agreement (which may be by e-mail) with the Administrative Agent or certain Lenders, as applicable. The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Second Amendment to Amended and Restated Credit Agreement, dated as of November 14, 2024 by and among PACS Group, Inc., PACS Holdings, LLC, Truist Bank and the lenders party thereto 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, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PACS GROUP, INC. Date: November 15, 2024 By: /s/ Derick Apt Derick Apt Chief Financial Officer