[8-K] Cohen & Steers Inc. Reports Material Event
Cohen & Steers, Inc. amended its credit agreement to establish a $100 million senior unsecured revolving credit facility maturing on August 15, 2029. Bank of America, N.A. serves as administrative agent, sole lead arranger and sole bookrunner, with State Street Bank and Trust Company as syndication agent.
Borrowings may be used for working capital and general corporate purposes and bear interest at either Term SOFR plus a spread or a Base Rate plus a spread per a performance pricing grid. The facility includes a commitment fee, customary covenants (leverage and interest coverage), restrictions on indebtedness and dispositions, and events of default that could accelerate amounts due. The full agreement is attached as Exhibit 10.1.
Cohen & Steers, Inc. ha modificato il proprio accordo di credito istituendo una linea di credito senior non garantita revolving da $100 milioni con scadenza il 15 agosto 2029. Bank of America, N.A. 猫 agente amministrativo, unico lead arranger e unico bookrunner, con State Street Bank and Trust Company quale agente di syndication.
I prelievi possono essere utilizzati per il capitale circolante e finalit脿 aziendali generali e maturano interessi a un tasso pari a Term SOFR pi霉 uno spread oppure al Base Rate pi霉 uno spread, secondo una griglia di pricing legata alla performance. La linea prevede una commissione di impegno, covenant consueti (leva finanziaria e copertura degli interessi), limitazioni su indebitamento e cessioni e eventi di default che potrebbero accelerare le somme dovute. L鈥檃ccordo completo 猫 allegato come Exhibit 10.1.
Cohen & Steers, Inc. enmend贸 su contrato de cr茅dito para crear una l铆nea de cr茅dito senior no garantizada y revolvente de $100 millones con vencimiento el 15 de agosto de 2029. Bank of America, N.A. act煤a como agente administrador, 煤nico lead arranger y 煤nico bookrunner, con State Street Bank and Trust Company como agente de sindicaci贸n.
Los pr茅stamos pueden utilizarse para capital de trabajo y fines corporativos generales y devengan intereses a Term SOFR m谩s un diferencial o a la Base Rate m谩s un diferencial, seg煤n una tabla de precios por desempe帽o. La facilidad incluye una comisi贸n por compromiso, convenios habituales (apalancamiento y cobertura de intereses), restricciones sobre endeudamiento y enajenaciones, y eventos de incumplimiento que podr铆an acelerar los importes adeudados. El acuerdo completo se adjunta como Exhibit 10.1.
Cohen & Steers, Inc.電� 鞁犾毄瓿勳暯鞚� 靾橃爼頃橃棳 毵岅赴臧� 2029雲� 8鞗� 15鞚�鞚� 氙疙檾 1鞏� 雼煬 攴滊鞚� 靹犾垳鞙� 氍措嫶氤� 須岇爠 鞁犾毄頃滊弰毳� 靹れ爼頄堨姷雼堧嫟. Bank of America, N.A.臧� 甏�毽� 鞐愳澊鞝勴姼, 雼弲 雽�響� 欤检劆靷� 氚� 雼弲 攵侂煬雱� 鞐暊鞚� 頃橂┌ State Street Bank and Trust Company臧� 鞁犽敂旒�鞚挫厴 鞐愳澊鞝勴姼搿� 彀胳棳頃╇媹雼�.
彀瀰旮堨潃 鞖挫爠鞛愲掣 氚� 鞚茧皹 旮办梾 氇╈爜鞐� 靷毄頃� 靾� 鞛堨溂氅�, 鞚挫瀽電� 靹标臣 旮半皹 鞖旍湪響滌棎 霐半澕 Term SOFR鞐� 鞀ろ攧霠堧摐毳� 臧�靷绊暅 旮堧Μ 霕愲姅 Base Rate鞐� 鞀ろ攧霠堧摐毳� 臧�靷绊暅 旮堧Μ 欷� 頃橂倶搿� 攵�瓿茧惄雼堧嫟. 鞚� 鞁滌劋鞐愲姅 鞎届爼 靾橃垬耄�, 韱奠儊鞝侅澑 鞎届爼 臁绊暛(霠堧矂毽 氚� 鞚挫瀽氤挫儊牍勳湪), 攵�毂� 氚� 觳橂秳鞐� 雽�頃� 鞝滍暅, 旮绊暅鞚� 鞎炿嫻旮� 靾� 鞛堧姅 毂勲攵堨澊頄� 靷湢 霌膘澊 韽暔霅╇媹雼�. 鞝勳泊 瓿勳暯靹滊姅 Exhibit 10.1搿� 觳秬霅橃柎 鞛堨姷雼堧嫟.
Cohen & Steers, Inc. a modifi茅 son contrat de cr茅dit pour 茅tablir une facilit茅 de cr茅dit renouvelable senior non garantie de 100 millions de dollars 茅ch茅ant le 15 ao没t 2029. Bank of America, N.A. agit en tant qu'agent administratif, unique lead arranger et unique bookrunner, avec State Street Bank and Trust Company en tant qu'agent de syndication.
Les emprunts peuvent 锚tre utilis茅s pour le fonds de roulement et des fins g茅n茅rales de la soci茅t茅 et portent int茅r锚t soit au Term SOFR plus une marge, soit au taux de base plus une marge, selon une grille de tarification li茅e 脿 la performance. La facilit茅 comprend une commission d'engagement, des covenants usuels (levier et couverture des int茅r锚ts), des restrictions sur l'endettement et les cessions, ainsi que des 茅v茅nements de d茅faut susceptibles d'acc茅l茅rer les sommes dues. L'accord complet est joint en tant qu'Exhibit 10.1.
Cohen & Steers, Inc. hat seine Kreditvereinbarung ge盲ndert und eine revolvierende unbesicherte Senior-Kreditfazilit盲t in H枚he von 100 Mio. USD mit F盲lligkeit am 15. August 2029 eingerichtet. Die Bank of America, N.A. fungiert als administrativer Agent, alleiniger Lead Arranger und alleiniger Bookrunner; die State Street Bank and Trust Company ist Syndikationsagent.
Die Mittel k枚nnen f眉r das Working Capital und allgemeine Unternehmenszwecke verwendet werden und verzinsen sich entweder zu Term SOFR plus Spread oder zu einem Base Rate plus Spread gem盲脽 einem Performance-Pricing-Raster. Die Fazilit盲t beinhaltet eine Commitment-Geb眉hr, 眉bliche Covenants (Verschuldungsgrad und Zinsdeckungsgrad), Beschr盲nkungen hinsichtlich Verschuldung und Ver盲u脽erungen sowie Events of Default, die zur Beschleunigung f盲lliger Betr盲ge f眉hren k枚nnen. Der vollst盲ndige Vertrag ist als Exhibit 10.1 beigef眉gt.
- $100 million committed senior unsecured revolving credit facility provides added liquidity
- Maturity through August 15, 2029 gives multi-year funding visibility
- Flexible interest options (Term SOFR or Base Rate) allow rate choice
- Use for working capital and general corporate purposes preserves operational flexibility
- Bank of America as administrative agent indicates established lender relationship
- Financial covenants (leverage and interest coverage) impose ongoing compliance requirements
- Events of default could result in acceleration of amounts due subject to grace/cure periods
- Facility is unsecured, offering no collateral protection to lenders
- Pricing tied to a performance grid could raise borrowing costs if metrics weaken
Insights
TL;DR: The company secured a $100M revolving facility through 2029, improving liquidity with standard bank protections but adding covenant obligations.
The amendment provides a committed $100 million senior unsecured revolver, enhancing short-to-medium term liquidity and preserving flexibility for working capital and corporate uses. Interest rate choice between Term SOFR and Base Rate aligns with market practice and the performance pricing grid links pricing to credit metrics or relationship factors. Presence of leverage and interest coverage covenants introduces ongoing compliance requirements that could constrain capital allocation if metrics deteriorate. Overall impact is liquidity-positive but introduces routine covenant monitoring obligations.
TL;DR: Facility length to 2029 and unsecured status are standard; covenants and default acceleration remain primary risk considerations.
The agreement鈥檚 senior unsecured, revolving structure with a 2029 maturity is typical for corporate liquidity facilities and supports working capital needs. Key credit considerations are the specified leverage and interest coverage covenants and customary defaults that could trigger acceleration. The commitment fee and prepayment/termination mechanics are standard; absence of explicit covenant levels in the disclosure limits precise stress assessment. Review of Exhibit 10.1 is required to quantify covenant thresholds and potential covenant drift risk.
Cohen & Steers, Inc. ha modificato il proprio accordo di credito istituendo una linea di credito senior non garantita revolving da $100 milioni con scadenza il 15 agosto 2029. Bank of America, N.A. 猫 agente amministrativo, unico lead arranger e unico bookrunner, con State Street Bank and Trust Company quale agente di syndication.
I prelievi possono essere utilizzati per il capitale circolante e finalit脿 aziendali generali e maturano interessi a un tasso pari a Term SOFR pi霉 uno spread oppure al Base Rate pi霉 uno spread, secondo una griglia di pricing legata alla performance. La linea prevede una commissione di impegno, covenant consueti (leva finanziaria e copertura degli interessi), limitazioni su indebitamento e cessioni e eventi di default che potrebbero accelerare le somme dovute. L鈥檃ccordo completo 猫 allegato come Exhibit 10.1.
Cohen & Steers, Inc. enmend贸 su contrato de cr茅dito para crear una l铆nea de cr茅dito senior no garantizada y revolvente de $100 millones con vencimiento el 15 de agosto de 2029. Bank of America, N.A. act煤a como agente administrador, 煤nico lead arranger y 煤nico bookrunner, con State Street Bank and Trust Company como agente de sindicaci贸n.
Los pr茅stamos pueden utilizarse para capital de trabajo y fines corporativos generales y devengan intereses a Term SOFR m谩s un diferencial o a la Base Rate m谩s un diferencial, seg煤n una tabla de precios por desempe帽o. La facilidad incluye una comisi贸n por compromiso, convenios habituales (apalancamiento y cobertura de intereses), restricciones sobre endeudamiento y enajenaciones, y eventos de incumplimiento que podr铆an acelerar los importes adeudados. El acuerdo completo se adjunta como Exhibit 10.1.
Cohen & Steers, Inc.電� 鞁犾毄瓿勳暯鞚� 靾橃爼頃橃棳 毵岅赴臧� 2029雲� 8鞗� 15鞚�鞚� 氙疙檾 1鞏� 雼煬 攴滊鞚� 靹犾垳鞙� 氍措嫶氤� 須岇爠 鞁犾毄頃滊弰毳� 靹れ爼頄堨姷雼堧嫟. Bank of America, N.A.臧� 甏�毽� 鞐愳澊鞝勴姼, 雼弲 雽�響� 欤检劆靷� 氚� 雼弲 攵侂煬雱� 鞐暊鞚� 頃橂┌ State Street Bank and Trust Company臧� 鞁犽敂旒�鞚挫厴 鞐愳澊鞝勴姼搿� 彀胳棳頃╇媹雼�.
彀瀰旮堨潃 鞖挫爠鞛愲掣 氚� 鞚茧皹 旮办梾 氇╈爜鞐� 靷毄頃� 靾� 鞛堨溂氅�, 鞚挫瀽電� 靹标臣 旮半皹 鞖旍湪響滌棎 霐半澕 Term SOFR鞐� 鞀ろ攧霠堧摐毳� 臧�靷绊暅 旮堧Μ 霕愲姅 Base Rate鞐� 鞀ろ攧霠堧摐毳� 臧�靷绊暅 旮堧Μ 欷� 頃橂倶搿� 攵�瓿茧惄雼堧嫟. 鞚� 鞁滌劋鞐愲姅 鞎届爼 靾橃垬耄�, 韱奠儊鞝侅澑 鞎届爼 臁绊暛(霠堧矂毽 氚� 鞚挫瀽氤挫儊牍勳湪), 攵�毂� 氚� 觳橂秳鞐� 雽�頃� 鞝滍暅, 旮绊暅鞚� 鞎炿嫻旮� 靾� 鞛堧姅 毂勲攵堨澊頄� 靷湢 霌膘澊 韽暔霅╇媹雼�. 鞝勳泊 瓿勳暯靹滊姅 Exhibit 10.1搿� 觳秬霅橃柎 鞛堨姷雼堧嫟.
Cohen & Steers, Inc. a modifi茅 son contrat de cr茅dit pour 茅tablir une facilit茅 de cr茅dit renouvelable senior non garantie de 100 millions de dollars 茅ch茅ant le 15 ao没t 2029. Bank of America, N.A. agit en tant qu'agent administratif, unique lead arranger et unique bookrunner, avec State Street Bank and Trust Company en tant qu'agent de syndication.
Les emprunts peuvent 锚tre utilis茅s pour le fonds de roulement et des fins g茅n茅rales de la soci茅t茅 et portent int茅r锚t soit au Term SOFR plus une marge, soit au taux de base plus une marge, selon une grille de tarification li茅e 脿 la performance. La facilit茅 comprend une commission d'engagement, des covenants usuels (levier et couverture des int茅r锚ts), des restrictions sur l'endettement et les cessions, ainsi que des 茅v茅nements de d茅faut susceptibles d'acc茅l茅rer les sommes dues. L'accord complet est joint en tant qu'Exhibit 10.1.
Cohen & Steers, Inc. hat seine Kreditvereinbarung ge盲ndert und eine revolvierende unbesicherte Senior-Kreditfazilit盲t in H枚he von 100 Mio. USD mit F盲lligkeit am 15. August 2029 eingerichtet. Die Bank of America, N.A. fungiert als administrativer Agent, alleiniger Lead Arranger und alleiniger Bookrunner; die State Street Bank and Trust Company ist Syndikationsagent.
Die Mittel k枚nnen f眉r das Working Capital und allgemeine Unternehmenszwecke verwendet werden und verzinsen sich entweder zu Term SOFR plus Spread oder zu einem Base Rate plus Spread gem盲脽 einem Performance-Pricing-Raster. Die Fazilit盲t beinhaltet eine Commitment-Geb眉hr, 眉bliche Covenants (Verschuldungsgrad und Zinsdeckungsgrad), Beschr盲nkungen hinsichtlich Verschuldung und Ver盲u脽erungen sowie Events of Default, die zur Beschleunigung f盲lliger Betr盲ge f眉hren k枚nnen. Der vollst盲ndige Vertrag ist als Exhibit 10.1 beigef眉gt.
FAQ
What is the size and term of the new facility for Cohen & Steers (CNS)?
Who are the lenders or agents on the Amended Credit Agreement?
How can Cohen & Steers use borrowings under the Amended Credit Agreement?
What interest rate options apply to borrowings under the facility?
Are there covenants or default provisions in the Amended Credit Agreement?
