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Cohen & Steers, Inc. (NYSE:CNS) announced Friday that it has entered into a First Amendment to its existing credit agreement, according to a statement filed with the Securities and Exchange Commission.
The amended agreement, effective Friday, updates the company’s senior unsecured revolving credit facility, which now provides for up to $100 million in borrowing capacity and matures on August 15, 2029. Bank of America, N.A. serves as the administrative agent, sole lead arranger, and sole bookrunner, with State Street Bank and Trust Company acting as syndication agent.
Under the terms of the amended credit agreement, Cohen & Steers may use borrowings for working capital and other general corporate purposes. Interest on outstanding amounts will be charged at a variable annual rate, which the company can select based on either Term SOFR or a Base Rate, each with an additional applicable margin determined by a performance pricing grid. The company is also subject to a commitment fee based on the unused portion of the facility, payable quarterly.
The agreement includes financial covenants related to leverage and interest coverage, as well as customary affirmative and negative covenants. These covenants include limitations on priority indebtedness, asset dispositions, and certain corporate changes. The agreement also lists events of default that could accelerate repayment, subject to specified grace and cure periods. The company retains the right to terminate or prepay all or part of the facility at any time, subject to notice and potential breakage fees.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Cohen & Steers Inc. reported its financial results for the second quarter of 2025, revealing earnings per share of $0.73, which did not meet the forecasted $0.76. However, the company surpassed revenue expectations, reporting $136.13 million compared to the forecast of $133.19 million. Additionally, Cohen & Steers announced it will pay a quarterly cash dividend of $0.62 per share for the third quarter of 2025. The dividend is set to be distributed on August 21 to shareholders who are on record as of August 11. These developments come amid mixed investor sentiment surrounding the company’s financial performance.
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