PACS Group Announces Material Agreement & Officer Changes
Ticker: PACS · Form: 8-K · Filed: Aug 15, 2025 · CIK: 2001184
Sentiment: neutral
Topics: material-agreement, financial-obligation, officer-changes, director-changes
TL;DR
PACS Group inked a big deal, has new debt, and shuffled execs/board.
AI Summary
PACS Group, Inc. announced on August 13, 2025, the entry into a material definitive agreement and the creation of a direct financial obligation. The company also reported the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements for these officers.
Why It Matters
This filing indicates significant corporate actions, including new financial obligations and changes in leadership, which could impact the company's strategic direction and financial health.
Risk Assessment
Risk Level: medium — The filing details a material definitive agreement and new financial obligations, which inherently carry risks, alongside changes in corporate governance.
Key Players & Entities
- PACS Group, Inc. (company) — Registrant
- August 13, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 001-42011 (company_id) — Commission File Number
- 92-3144268 (ein) — IRS Employer Identification Number
- 262 N. University Ave. Farmington, Utah 84025 (address) — Address of principal executive offices
- ( 801 ) 447-9829 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the material definitive agreement entered into by PACS Group, Inc.?
The filing states that PACS Group, Inc. entered into a material definitive agreement, but the specific details of this agreement are not provided in the excerpt.
What type of direct financial obligation was created by PACS Group, Inc.?
The filing indicates the creation of a direct financial obligation, but the specific terms and amount of this obligation are not detailed in the provided text.
What specific changes occurred regarding directors and officers on August 13, 2025?
The filing reports the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements, but does not name the individuals involved.
What is the principal executive office address for PACS Group, Inc.?
The principal executive offices of PACS Group, Inc. are located at 262 N. University Ave., Farmington, Utah 84025.
What is the filing date and the earliest event date reported in this 8-K?
This 8-K was filed as of August 15, 2025, and the earliest event reported is dated August 13, 2025.
Filing Stats: 1,174 words · 5 min read · ~4 pages · Grade level 13.8 · Accepted 2025-08-15 17:15:17
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share PACS The New York S
- $100,000,000 — the maintenance of minimum liquidity of $100,000,000, limitations on certain investments and
- $16,666 — ompany for up to 12 months at a rate of $16,666 per month. Mr. Sanford's outstanding eq
Filing Documents
- pacs-20250813.htm (8-K) — 29KB
- 0002001184-25-000036.txt ( ) — 142KB
- pacs-20250813.xsd (EX-101.SCH) — 2KB
- pacs-20250813_lab.xml (EX-101.LAB) — 21KB
- pacs-20250813_pre.xml (EX-101.PRE) — 12KB
- pacs-20250813_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 13, 2025, PACS Group, Inc. (the "Company"), PACS Holdings, LLC (the "Borrower"), Truist Bank, as administrative agent (in such capacity, the "Administrative Agent"), and the lenders (the "Lenders") party thereto entered into that certain Forbearance Agreement and Fifth Amendment to Credit Agreement (the "Agreement"). Pursuant to the Agreement the Lenders agreed to (i) a forbearance in respect of certain events of default, which are described in the following paragraph and (ii) certain amendments to that certain Amended and Restated Credit Agreement, dated December 7, 2023 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the "Credit Agreement"), by and among, inter alios the Company, the Borrower, and the Administrative Agent. As described in the Agreement, the Borrower notified the Administrative Agent and the Lenders of the occurrence of certain Events of Default under and as defined in the Credit Agreement, including the "Representation and Warranty Events of Default," which relate to compliance certificates previously delivered in respect of the fiscal quarters ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025. The Representation and Warranty Events of Default under the Credit Agreement also triggered an event of default under Third Consolidated Master Lease, dated June 30, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Omega Master Lease"), which in turn triggered an additional event of default under the Credit Agreement. Similarly, the Borrower identified a representation and warranty event of default under the Omega Master Lease that has triggered an additional event of default under the Credit Agreement. The Administrative Agent and Lenders have agreed to temporarily forbear from exercising the rights and remedies available to them under
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: August 15, 2025 By: /s/ Jason Murray Jason Murray Chief Executive Officer