Business Context and Reporting Period
Company: BYLINE BANCORP, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: October 7, 2022
Event: Entry into a Material Definitive Agreement regarding a revolving credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or overall debt levels. It specifically addresses a single credit facility:
- Revolving Loan Commitment: Up to $15,000,000.
- Lender: CIBC Bank USA.
- Maturity Date: Extended to October 6, 2023.
- Interest Rate Benchmark: Changed from LIBOR to SOFR.
Material Changes
On October 7, 2022, the Company entered into a Second Amendment to its First Amended and Restated Revolving Credit Agreement. Key changes include:
- Extension of the maturity date to October 6, 2023.
- Transition of the interest rate benchmark from LIBOR to SOFR.
- Maintenance of the existing Negative Pledge Agreement dated October 11, 2018.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard terms of the credit agreement. The agreement is subject to the existing Negative Pledge Agreement.
Investor Verification Checklist
- Verify the full terms of the Second Amendment in Exhibit 10.1.
- Confirm the impact of the LIBOR to SOFR transition on future interest expense.
- Review the existing Negative Pledge Agreement (dated October 11, 2018) for restrictions on additional indebtedness.
- Check subsequent filings for the actual utilization of the $15,000,000 revolving commitment.