Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 208

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 208
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 (% as of September 30, 2024) plus % and has a 10-year term and a 3-month interest only repayment provision. As of September 30, 2024 and December 31, 2023, the outstanding balance of the Oak Street note, net of unamortized debt issuance costs was $ million and $ million, respectively.

On April 25, 2021, the Company entered into an additional promissory note with Oak Street in the amount of $ million related to the acquisition of WEG (“WEG Note”). This note payable bears interest at Prime plus % and has a 10-year term. As of September 30, 2024 and December 31, 2023, the outstanding balance of this note, net of unamortized debt issuance costs was $ million and $ million, respectively.

Under the Oak Street notes, the Company is subject to certain covenants as defined in the agreements. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all financial related covenants.

The minimum payments and maturities of the Oak Street notes as of September 30, 2024, are as follows (in thousands):

| ​          | ​ | ​ |      ​ |
|:-----------|:--|:--|-------:|
| 2024       |   | $ |    598 |
| 2025       | ​ |   |  2,596 |
| 2026       | ​ |   |  2,950 |
| 2027       | ​ |   |  3,344 |
| 2028       | ​ |   |  3,788 |
| Thereafter | ​ |   |  6,434 |
| Total      | ​ | $ | 19,710 |

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 % per annum until the interest rate reaches a maximum of %, provided that in no event the interest rate will not be less than % (the “Floor”). Additionally, in connection with the amendment the Company had agreed to pay a fee equal to $ million (the “Deferred Fee”), which was due and payable in the amounts of $ million