Evercore reduces line of credit to $50 million, amends some covenants

By Wendy Van Sickle

Columbus, Ohio, Jan. 22 – Evercore Partners Inc. wholly owned subsidiary Evercore Partners Services East LLC reduced the line of credit with First Republic Bank under a credit agreement dated July 27, 2013 to $50 million from $75 million, according to an 8-K filed with the Securities and Exchange Commission.

The Jan. 15 amendment also modifies the loan agreement to impose similar financial covenants as Evercore agreed to for its $120 million senior credit facility with Mizuho Bank Ltd.

Those covenants include a minimum consolidated tangible net worth requirement, a minimum unencumbered liquid asset ratio of 1.4 to 1.0 and a maximum consolidated leverage ratio of 1.0 to 1.0.

Proceeds of drawings under the facility may continue to be used for working capital and general corporate purposes.

Evercore is a New York-based investment banking boutique.

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