By Lisa Kerner
Charlotte, N.C., March 31 – Evercore Partners Inc. issued senior notes totaling $170 million on Wednesday, according to a form 8K filed with the Securities and Exchange Commission.
The notes were issued as:
• $38 million of 4.88% series A senior notes due 2021;
• $67 million of 5.23% series B senior notes due 2023;
• $48 million of 5.48% series C senior notes due 2026; and
• $17 million of 5.58% series D senior notes due 2028.
Interest is payable semiannually in arrears on March 30 and Sept. 30, beginning on Sept. 30, 2016.
Barclays Capital Inc. and PNC Capital Markets LLC are placement agents.
Evercore will use a portion of the proceeds to repay outstanding borrowings under its term loan with Mizuho Bank, Ltd., to reduce the level of borrowings under the current line of credit with First Republic Bank and for general corporate purposes.
The notes may be prepaid in full or in part in an amount not less than 5% of the total then outstanding at 100% of the principal amount thereof plus a make-whole amount.
The notes have a make-whole call at Treasuries plus 50 basis points.
Under the note purchase agreement, Evercore must have a minimum consolidated tangible net worth of $324.83 million, a maximum consolidated leverage ratio of 2.0 to 1.0 and a minimum consolidated interest coverage ratio of 2.5 to 1.0 for specified time periods.
Evercore is a New York-based investment banking boutique.
| Issuer: | Evercore Partners Inc.
|
| Issue: | Senior notes
|
| Amount: | $170 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Private placement
|
| Placement agents: | Barclays Capital Inc. and PNC Capital Markets LLC
|
| Settlement date: | March 30
|
|
|
| Series A notes
|
| Amount: | $38 million
|
| Coupon: | 4.88%
|
| Maturity: | March 30, 2021
|
|
|
| Series B notes
|
| Amount: | $67 million
|
| Coupon: | 5.23%
|
| Maturity: | March 30, 2023
|
|
|
| Series C notes
|
| Amount: | $48 million
|
| Coupon: | 5.48%
|
| Maturity: | March 30, 2026
|
|
|
| Series D notes
|
| Amount: | $17 million
|
| Coupon: | 5.58%
|
| Maturity: | March 30, 2028
|
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