XML 36 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Notes Payable
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
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 "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 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 2016 Private Placement Notes is payable semi-annually and the 2016 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 2016 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2016 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 2016 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2016 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2016 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, 2020, the Company was in compliance with all of these covenants.
On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26%. These notes include: $75,000 aggregate principal amount of its 4.34% Series E senior notes due 2029 (the "Series E Notes"), $60,000 aggregate principal amount of its 4.44% Series F senior notes due 2031 (the "Series F Notes"), $40,000 aggregate principal amount of its 4.54% Series G senior notes due 2033 (the "Series G Notes") and £25,000 aggregate principal amount of its 3.33% Series H senior notes due 2033 (the "Series H Notes" and together with the Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the 2019 Private Placement Notes is payable semi-annually and the 2019 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 2019 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2019 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 2019 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2019 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2019 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of December 31, 2020, the Company was in compliance with all of these covenants.
Notes Payable is comprised of the following as of December 31, 2020 and 2019:
Carrying Value(a)
December 31,
NoteMaturity DateEffective Annual Interest Rate20202019
Evercore Inc. 4.88% Series A Senior Notes
3/30/20215.16 %$37,974 $37,873 
Evercore Inc. 5.23% Series B Senior Notes
3/30/20235.44 %66,702 66,581 
Evercore Inc. 5.48% Series C Senior Notes
3/30/20265.64 %47,651 47,595 
Evercore Inc. 5.58% Series D Senior Notes
3/30/20285.72 %16,858 16,842 
Evercore Inc. 4.34% Series E Senior Notes
8/1/20294.46 %74,325 74,282 
Evercore Inc. 4.44% Series F Senior Notes
8/1/20314.55 %59,449 59,422 
Evercore Inc. 4.54% Series G Senior Notes
8/1/20334.64 %39,627 39,613 
Evercore Inc. 3.33% Series H Senior Notes
8/1/20333.42 %33,906 32,854 
Total$376,492 $375,062 
Less: Current Portion of Notes Payable(37,974)— 
Notes Payable$338,518 $375,062 
(a)Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
As of December 31, 2020, the future payments required on the Notes Payable, including principal and interest, were as follows:
2021$54,883 
202215,956 
202381,204 
202412,452 
202512,452 
Thereafter328,289 
Total$505,236