secwatch.observer — SEC 8-K summary
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Issuer:     Cohen & Co Inc. (COHN)
CIK:        0001270436
Form:       8-K
Filed at:   2023-06-09T23:59:59+00:00
Accession:  0001104659-23-069915
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cohen & Co amends loan with Byline Bank: commitment cut to $15M, net worth covenant lowered to $70M
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- Broker-dealer subsidiary J.V.B. Financial Group entered Third Amended and Restated Loan Agreement; loan commitment reduced from $25M to $15M.
- Minimum tangible net worth covenant decreased from $85M ($90M after June 30) to $70M at all times during the term.
- Loans mature December 21, 2023; interest at Term SOFR plus 6.0% (floor 7.0%); $75,000 commitment fee paid.
- Excess net capital must be at least $40M; outstanding loans cannot exceed 0.25x tangible net worth.
- Undrawn commitment fee of 0.50% per annum payable quarterly; anniversary fee also 0.50%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/0001104659-23-069915-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/tm2318204d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-069915

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