Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 67

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 fixed charge coverage ratio as defined in the bebe Credit Agreement. As of September 30, 2024 and December 31, 2023, the interest rate on the bebe Credit Agreement was 10.78% and 11.14%, respectively.The bebe Credit Agreement is collateralized by a first lien on all bebe assets and pledges of capital stock including equity interests which totals approximately $110,916. The agreement contains certain covenants, including those limiting the borrower’s ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the agreement requires bebe to maintain certain financial ratios. The agreement also contains customary representations and warranties, affirmative covenants, and events of default, including payment defaults, breach of representations and warranties, covenant defaults and cross defaults. As of September 30, 2024 and December 31, 2023, the outstanding balance on the term loan was $21,735 (net of unamortized debt issuance costs of $452) and $22,487 (net of unamortized debt issuance costs of $638), respectively. Interest expense on the term loan during the three and nine months ended September 30, 2024 was $691 (including amortization of deferred debt issuance costs of $60) and $2,102 (including amortization of deferred debt issuance costs of $185), respectively. Principal outstanding is due in quarterly installments through June 30, 2026 in the amount of $313 per quarter and the remaining principal balance of $20,000 is due at final maturity on August 24, 2026.On October 25, 2024, upon the closing of the Brands Transaction as described in Note 4 – Discontinued Operation proceeds of $22,188 was used to pay off the then outstanding balance of the loan in full and $224 of loan payoff expenses.

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Nomura Credit Agreement The Company, and its wholly owned subsidiaries, BR Financial Holdings, LLC, and BR Advisory & Investments, LLC had entered into a credit agreement dated June 23, 2021 (as amended, the “Prior Credit Agreement”) with Nomura Corporate Funding Americas, LLC, as administrative agent, and Wells Fargo Bank, N.A., as collateral agent, for a four-year $300,000 secured term loan credit facility (the “Prior Term Loan Facility”) and a four-year $