JMP Group LLC (NYSE:JMP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
The information in Item 2.03 is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Amendment to Credit Facility with BNP Paribas
As previously reported to a Form 8-K filed by JMP Group LLC (the “Company”) on April 6, 2017, on April 5, 2017, the Company established, through its affiliate JMP Credit Advisors CLO IV Ltd., a Cayman Islands vehicle (the “Borrower”), a $200 million revolving credit facility (the “Facility”) with BNP Paribas to finance the acquisition of a portfolio of assets, including certain debt obligations.
On June 1, 2017, the parties to the Facility entered into an amendment to: (a) increase the maximum facility amount from $200 million to $403.3 million; (b) increase the advance rate; and (c) change the end of the revolving period from October 5, 2017 to July 14, 2017.
The Company intends to consolidate the loan portfolio until its maturity and expects to account for the transaction on its balance sheet as non-recourse debt.
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About JMP Group LLC (NYSE:JMP)
JMP Group, Inc. is a full-service investment banking and asset management firm. The Company operates in five segments: Broker-Dealer, Asset Management, Corporate Credit, Investment Income and Corporate Costs. The Broker-Dealer segment includes a range of services, such as underwriting and acting as a placement agent for public and private capital markets raising transactions and financial advisory services in mergers and acquisitions, restructuring and other strategic transactions. The Asset Management segment includes the management of a range of pooled investment vehicles. The Corporate Credit segment includes the management of collateralized loan obligations and small business loans. The Investment Income segment includes income from the Company’s principal investments in public and private securities. The Corporate Costs segment includes expenses related to JMP Group Inc., the holding company, and JMP Group LLC, and comprises corporate overhead expenses and interest expense. JMP Group LLC (NYSE:JMP) Recent Trading Information
JMP Group LLC (NYSE:JMP) closed its last trading session down -0.07 at 5.41 with 26,428 shares trading hands.