Cohen & Co Inc. (COHN): debt financing — Cohen & Co amends loan with Byline Bank: commitment cut to $15M, net worth covenant lowered to $70M

On June 9, 2023 (the “Effective Date”), the Borrower and the Lender entered into the Third Amended and Restated Loan Agreement (the “Third Amended and Restated Agreement”), which amended and restated the Second Amended and Restated Agreement in its entirety. The primary purposes of the amendment and restatement of the Second Amended and Restated Agreement was to (i) decrease the loan commitment of Lender there under from $25 million to $15 million, and (ii) decrease the amount of tangible net worth which the Borrower was required to maintain from $85 million through June 30, 2023 (and $90 million thereafter) to $70 million at all times during the term of the Third Amended and Restated Agreement.

As previously disclosed, on December 21, 2022, J.V.B. Financial Group, LLC (the “Borrower”), a Delaware limited liability company and a broker dealer indirect subsidiary of Cohen & Company Inc., a Maryland corporation (the “Company”), entered into the Second Amended and Restated Revolving Note and Cash Subordination Agreement (the “Second Amended and Restated Agreement”), with Byline Bank, as lender (the “Lender”), and the Borrower as borrower, pursuant to which, among other things, the Lender agreed to make loans to Borrower, at the Borrower’s request from time to time, in the aggregate amount of up to $25 million. On June 9, 2023 (the “Effective Date”), the Borrower and the Lender entered into the Third Amended and Restated Loan Agreement (the “Third Amended and Restated Agreement”), which amended and restated the Second Amended and Restated Agreement in its entirety.