Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 614

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 614
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 are maintained. Under the Credit Agreement, the Borrowers are required to maintain compliance with a minimum consolidated tangible net worth covenant, as defined, and a maximum consolidated total capitalization ratio covenant, as defined. In addition, Stifel is required to maintain compliance with a minimum regulatory excess net capital percentage covenant, as defined, and our bank subsidiaries are required to maintain their status as well-capitalized, as defined.Upon the occurrence and during the continuation of an event of default, the Company’s obligations under the Credit Agreement may be accelerated and the lending commitments thereunder terminated. The Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to similar obligations, certain events of bankruptcy and insolvency, change of control, and judgment defaults. At December 31, 2024, we had no advances on the Credit Facility and were in compliance with all covenants and currently do not expect any covenant violations.

NOTE 12 – Senior NotesThe following table summarizes our senior notes as of December 31, 2024 and 2023 (in thousands):

        December 31,

        2024

        2023

        4.25% senior notes, due 2024 (1)
         
        $
        —

        $
        500,000

        4.00% senior notes, due 2030 (2)

        400,000

        400,000

        5.20% senior notes, due 2047 (3)

        225,000

        225,000

        625,000

        1,125,000

        Debt issuance costs, net

        (8,382
        )

        (9,371
        )

        Senior notes, net
         
        $
        616,618

        $
        1,115,629

       (1)In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due July 2024. On July 18, 2024, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.(2)In May 2020,