Monitor quarterly filings for borrowing base utilization and any drawdowns under the facility, which could signal working capital needs. The subordination agreement limits principal payments on member notes unless Payment Condition is met, reducing refinancing risk for the new senior facility.
Price Chart
Executive Summary
Andersen Group Inc. (ANDG) subsidiary Andersen Tax LLC entered into a $50 million asset-based revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, along with a related security agreement and subordination agreement for existing member notes. The credit agreement provides a revolving commitment of $50 million secured by eligible accounts receivable, with a maturity date of June 25, 2029. This is a routine financing transaction that provides working capital flexibility but includes no earnings or guidance data.
Key Financial Metrics
Key Facts
- Andersen Tax LLC (borrower) entered into a $50,000,000 asset-based revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, dated June 25, 2026
- The facility matures on June 25, 2029
- Borrowing base is calculated as 85% of eligible accounts, minus reserves
- Issuing bank sublimit for letters of credit is $5,000,000
- Security agreement and subordination agreement were executed concurrently, granting first-priority security interests in collateral
- Existing unsecured subordinated notes (CA Notes up to $187,830,260 and Holdover Note up to $162,255,266) are subordinated to the new senior debt
Financial Impact
$50 million revolving credit facility secured by accounts receivable; borrowing base is 85% of eligible accounts minus reserves
Risk Factors
- If eligible accounts decline significantly, borrowing base availability could constrain liquidity
- Financial covenants (FCCR ≥1.0x during trigger periods) could limit operational flexibility if cash flow deteriorates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-288725 |
| Document: d31545dex103.htm | 0001193125-26-288725 |
| Document: d31545dex102.htm | 0001193125-26-288725 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | SC 13G/A | $58.27 | awaiting T+20 | — | $63.53 (+9.02%) |
Oct 15, 2026 11d ago | 8-K | $58.27 | awaiting T+20 | — | $63.53 (+9.02%) |
Oct 14, 2026 12d ago | 8-K | $58.95 | awaiting T+20 | — | $63.53 (+7.76%) |
Oct 7, 2026 20d ago | SC 13G/A | $55.34 | awaiting T+20 | — | $63.53 (+14.79%) |
Aug 20, 2026 9w ago | EFFECT | $50.32 $54.99 | ▲ +9.28% | ▲ +9.28% | $63.53 (+26.24%) |
Aug 17, 2026 10w ago | S-1 | $45.75 $55.13 | ▲ +20.49% | ▲ +21.48% | $63.53 (+38.85%) |
Jun 29, 2026 17w ago | 8-K | $37.72 $46.94 | ▲ +24.44% | ▲ +25.47% | $63.53 (+68.41%) |
Apr 30, 2026 25w ago | DEFA14A | $35.38 $38.31 | ▲ +8.28% | ▲ +3.31% | $63.53 (+79.55%) |
Apr 28, 2026 25w ago | 3 | $33.92 $38.31 | ▲ +12.94% | ▲ +6.89% | $63.53 (+87.28%) |
US Market Status
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