B. Riley amends credit facility, repays $85.9M, terminates revolver; President exits

BRC Group Holdings, Inc.

Repaid ~$85.9M of Term Loans; outstanding principal now $388.1M; Revolving Credit Facility terminated.
Fourth Amendment: interest margin raised to 7.00% cash (or 6%+1.5% PIK) for SOFR loans.
New covenants: Total Net Leverage ≤10x, Interest Coverage ≥1x, Liquidity ≥$60M; must cut Term Loans to ≤$100M by Sept 2025.
President Kenny Young resigned from all officer roles; to consult for 1 year at $250k annual fee.
Young continues as CEO of Babcock & Wilcox via his own entity; B. Riley terminated its services agreement with B&W.

item 1.01 item 2.03 item 5.02

Executive movements

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Departed

Kenny Young

President

RILY · BRC Group Holdings, Inc.

Effective: 2024-09-20
Filed: September 23, 2024, 7:59 PM ET

On September 20, 2024, Kenny Young resigned from his positions as the President of the Company, the Chief Executive Officer of B. Riley Principal Investments, LLC, and other officer roles at certain other Company subsidiaries.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Kenny Young resigned as President at BRC Group Holdings, Inc..

Action: resigned
Role: President

Exact text from the filing

On September 20, 2024, Kenny Young resigned from his positions as the President of the Company, the Chief Executive Officer of B. Riley Principal Investments, LLC, and other officer roles at certain other Company subsidiaries.

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BRC Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-081032

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