Brief: RCS Capital Forms Agreement With Lenders to Covenant Modifications

RCS Capital Corporation (NYSE:  RCAP) (“RCS Capital”) announced on Tuesday that it has agreed with its first and second lien lenders under its existing credit facilities to certain leverage ratio covenant amendments in addition to other modifications.

Michael Weil, Chief Executive Officer of RCS Capital, commented:

RCS CAPITAL CORPORATION, INC. LOGO“We greatly appreciate the support of our secured lenders who recognize the inherent advantages of our business model and the underlying strength of our platform.

 

“These credit agreement modifications provide RCS Capital with enhanced covenant flexibility, and will allow us to continue our commitment to invest in our businesses, execute our short-term and long-term business plans and to build on the success of our ongoing integration efforts.

 

“We remain committed to evaluating all avenues to maximize value for our shareholders.  Moreover, we continue to be confident that we are well positioned to capitalize on the significant growth opportunities available to us as a leading investment firm expressly focused on the retail investor.”

Additional details relating to the agreement are outlined in the Current Report on Form 8-K that is expected to be filed with the U.S. Securities and Exchange Commission this week.

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