STIFEL FINANCIAL CORP 8-K

What Happened Stifel Financial Corp announced on February 4, 2026 that it entered into an Amended and Restated Credit Agreement with a lender syndicate led by Bank of America, N.A., replacing its prior credit agreement dated September 27, 2023. The new unsecured revolving credit facility has a maximum aggregate commitment of $1.0 billion, matures on February 4, 2031, and carries variable interest rates based on the Secured Overnight Financing Rate (SOFR). The Borrowers named are Stifel Financial Corp and Stifel Nicolaus & Company, Incorporated.

Key Details

• Effective date: February 4, 2026; maturity date: February 4, 2031.
• Facility: up to $1.0 billion committed unsecured revolving borrowing line; interest rates variable, tied to SOFR.
• Replaces prior Credit Agreement (commitments under the prior agreement were terminated concurrently).
• Covenants include minimum consolidated tangible net worth, maximum consolidated total capitalization ratio, Stifel Nicolaus must meet a minimum regulatory excess net capital percentage, and Stifel’s bank subsidiaries must remain well‑capitalized.
• Permitted use of proceeds: working capital, short‑term operating needs and general corporate purposes.
• The agreement contains customary events of default (payment defaults, covenant breaches, bankruptcy, change of control, judgment defaults), which could accelerate obligations and terminate commitments.

Why It Matters This filing establishes Stifel’s primary unsecured liquidity backstop for the next five years and defines the borrowing capacity and financial tests the company must meet to access that funding. For investors, the size, term and covenants of the facility affect the firm’s short‑term liquidity flexibility and could limit actions (e.g., distributions or further borrowing) if covenant tests are not met. The use of SOFR means borrowing costs will vary with short‑term rates, so interest expense on drawn amounts will fluctuate with market rates.