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Notes Payable and Subordinated Borrowings
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Notes Payable and Subordinated Borrowings
Notes Payable and Subordinated Borrowings
On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes, including: $38,000 aggregate principal amount of its 4.88% Series A senior notes due 2021 (the "Series A Notes"), $67,000 aggregate principal amount of its 5.23% Series B senior notes due 2023 (the "Series B Notes"), $48,000 aggregate principal amount of its 5.48% Series C senior notes due 2026 (the "Series C Notes") and $17,000 aggregate principal amount of its 5.58% Series D senior notes due 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "Private Placement Notes"), pursuant to a note purchase agreement (the "Note Purchase Agreement") dated as of March 30, 2016, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the Private Placement Notes is payable semi-annually and the Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the Private Placement Notes plus accrued and unpaid interest to the prepayment date. The Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio, and customary events of default. As of December 31, 2018, the Company was in compliance with all of these covenants.
The Company used $120,000 of the net proceeds from the Private Placement Notes to repay outstanding borrowings under the senior credit facility with Mizuho Bank, Ltd. ("Mizuho") on March 30, 2016 and used the remaining net proceeds for general corporate purposes.
Notes Payable is comprised of the following as of December 31, 2018 and 2017:
 
 
 
 
 
 
Carrying Value(a)
 
 
 
 
 
 
December 31,
Note
 
Maturity Date
 
Effective Annual Interest Rate
 
2018
 
2017
Evercore Inc. 4.88% Series A Senior Notes
 
3/30/2021
 
5.16
%
 
$
37,776

 
$
37,684

Evercore Inc. 5.23% Series B Senior Notes
 
3/30/2023
 
5.44
%
 
66,466

 
66,356

Evercore Inc. 5.48% Series C Senior Notes
 
3/30/2026
 
5.64
%
 
47,542

 
47,493

Evercore Inc. 5.58% Series D Senior Notes
 
3/30/2028
 
5.72
%
 
16,828

 
16,814

Total
 
 
 
 
 
$
168,612

 
$
168,347

(a)
Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
The Company had subordinated borrowings, principally with an executive officer of the Company, due on October 31, 2019. These borrowings had a coupon of 5.5%, payable semi-annually. In March 2018, the Company repaid $6,700 of the original borrowings and in May 2018, the Company repaid the remaining $99 of the original borrowings. In February and April 2017, the Company repaid $6,000 and $3,751, respectively, of the original borrowings. The Company had $6,799 in subordinated borrowings pursuant to these agreements as of December 31, 2017.
As of December 31, 2018, the future payments required on the Notes Payable, including principal and interest, were as follows:
2019
$
8,937

2020
8,937

2021
46,010

2022
7,083

2023
72,331

Thereafter
75,844

Total
$
219,142