Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 231

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 231
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ortized debt issuance costs was $17,6 million and $19,.5 million, respectively. On April 25, 2021, the Company entered into an additional promissory note with Oak Street in the amount of $4.1 million related to the acquisition of WEG (“WEG Note”). This note payable bears interest at Prime plus 2.25% and has a 10-year term. As of December 31, 2023 and 2022, the outstanding balance of this note, net of unamortized debt issuance costs was $3.2 million and $3.4 million, respectively. Under the Oak Street notes, the Company is subject to certain covenants as defined in the agreements. As of December 31, 2022 and March 31, 2023, the Company did not meet a certain debt service coverage ratio and subsequently obtained a waiver from Oak Street for such covenant violations. For the period from April 1, 2023 to December 31, 2023, the Company was in compliance with all financial related covenants.

F-60

| 9. | DEBT (continued) |

The minimum calendar year payments and maturities of the Oak Street notes as of December 31, 2023, are as follows (in thousands):

| ​          | ​ | ​ |      ​ |
|:-----------|:--|:--|-------:|
| 2024       |   | $ |  2,418 |
| 2025       |   | ​ |  2,702 |
| 2026       |   | ​ |  3,012 |
| 2027       |   | ​ |  3,357 |
| 2028       |   | ​ |  3,739 |
| Thereafter |   | ​ |  6,239 |
| Total      | ​ | $ | 21,467 |

Subsequent to December 31, 2023, and in connection with the closing of the Business Combination, the Company entered into an amendment to the Credit Agreement with Oak Street providing for, among other things, consenting to the Business Combination, and the payoff and restructuring of certain debt obligations. Additionally, the rate of interest being charged will increase at rate of .15% per annum until the interest rate reaches a maximum of 15.00%, provided that in no event the interest rate will not be less than 10.75% (the “