Company: BCG
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001104659-25-088309
Chunk: 64

Company: Binah Capital Group, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 64
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 solely to reimburse the Lender with respect to any Letters of Credit issued to BMS. The Term Loan refinanced and retired the previous Oak Street Funding Facility.

The Credit Agreement also includes customary covenants for a transaction of this type, including covenants limiting the indebtedness that can be incurred by BMS and restricting BMS’s ability to make certain loans and investments. Additionally, BMS is subject to financial covenants whereby BMS and its subsidiaries on a consolidated basis may not have, as of the last day of each fiscal quarter, commencing with fiscal quarter ending on March 31, 2025, (1) a fixed charge coverage ratio as of the last day of the fiscal quarter for the twelve (12) month period then ended of not less than 1.20 to 1.00; (ii) a senior net leverage ratio as of the last day of such Fiscal Quarter for the twelve (12) month period then ended, of (A) for the fiscal quarter ended March 31, 2025 and each fiscal quarter through and including September 30, 2025, not more than 3.00 to 1.00; and (B) for the fiscal quarter ended December 31, 2025 and each fiscal quarter ending thereafter, not more than 2.75 to 1.00; or (iii) an annualized revenue received from custodians of at least $18.0 million.

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Also, in accordance with the Credit Agreement, BMS has deposited $1.0 million into an A/P Reserve Account and is classified as restricted cash. The minimum calendar year payments and maturities of the Term Loan as of June 30, 2025 were as follows ( in thousands) :

| ​    | ​ | ​ |      ​ |
|:-----|:--|:--|-------:|
| 2025 |   | $ |  1,015 |
| 2026 | ​ | ​ |  2,030 |
| 2027 | ​ | ​ |  3,045 |
| 2028 | ​ | ​ |  3,045 |
| 2029 | ​ | ​ | 10,150 |
|      |   | $ | 19,285 |

Series A Redeemable Convertible Preferred Stock On March 15, 2024 (the “Funding Date”) in connection with the consummation of the Business Combination