Loan & DebtJun 22, 2026, 04:17 PM
Cohen & Co Extends Loan Maturity to 2028, Amends Terms
AI Summary
Cohen & Company Securities, LLC, a subsidiary of Cohen & Co Inc., entered into the Fourth Amendment to its Third Amended and Restated Loan Agreement with Byline Bank. This amendment extends the loan's maturity and borrowing termination dates from June 18, 2026, to June 18, 2028. Key changes also include an increase in the Tangible Net Worth requirement to $80 million from March 31, 2027, and the establishment of a new event of default related to maintaining Excess Net Capital of at least $30 million.
Key Highlights
- Loan Agreement maturity and borrowing termination dates extended from June 18, 2026, to June 18, 2028.
- Tangible Net Worth requirement increased from $70 million to $80 million from March 31, 2027.
- Failure to maintain Excess Net Capital of at least $30 million will constitute an event of default.
- Definitions in the Loan Agreement updated to reflect current names of the Borrower and its parent entity.
Price Impact
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