Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On August 31, 2020, Link Media Holdings, Inc. ("Link"), a wholly-owned
subsidiary of Boston Omaha Corporation ("BOC"), which owns and operates BOC's
billboard businesses, borrowed $5,500,000 in a term loan under its existing
credit facility with First National Bank of Omaha (the "Lender").
On August 12, 2019, Link entered into a Credit Agreement (the "Credit
Agreement") with the Lender. Under the Credit Agreement, Link borrowed
$18,060,000 under Term Loan 1. The Credit Agreement was filed with the
Securities and Exchange Commission (the "Commission") on a Form 8-K filed with
the Commission on August 13, 2019. On October 25, 2019, Link entered into a
First Amendment to Credit Agreement (the "First Amendment") with the Lender, and
filed the First Amendment with the Commission on a Form 8-K filed with the
Commission on October 29, 2019. On June 25, 2020, Link entered into a Second
Amendment to Credit Agreement (the "Second Amendment") with the Lender, and
filed the Second Amendment with the Commission on a Form 8-K filed with the
Commission on June 25, 2020.
Link borrowed the funds through a Term Loan 2 Note dated August 31, 2020 (the
"Term Loan 2 Note"), and the $5,500,000 amount represents the Term Loan 2
Commitment as set forth in the Second Amendment.
The foregoing summary of transactions contained in this Item 2.03 does not
purport to be a complete description and is qualified in its entirety by
reference to the terms and conditions of the Credit Agreement, the First
Amendment, the Second Amendment and the Term Loan 2 Note, a copy of which is
attached as Exhibit 10.1 and incorporated herein by reference. Capitalized
terms used in this Item 2.03 have the meaning given to such terms in the Second
Amendment and Credit Agreement, as applicable.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits. The Exhibit Index set forth below is incorporated herein
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