Ladenburg Thalmann Announces Pricing of Public Offering of Senior Notes
15 November 2017 - 10:16AM
Business Wire
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS;
LTS PrA) (the “Company”) today announced that it has priced an
underwritten registered public offering of $72.5 million aggregate
principal amount of 6.50% senior notes due 2027 (the “Notes”). The
offering size represents an increase of $32.5 million from the
previously announced offering size. The Company has granted the
underwriters a 30-day option to purchase up to an additional
$10.875 million aggregate principal amount of Notes in connection
with the offering to cover overallotments, if any. The Notes are
expected to be listed on the NYSE American under the trading symbol
“LTSL” and to trade thereon within 30 days of the original issue
date. The offering is expected to close on November 21, 2017,
subject to customary closing conditions.
The Company plans to use the net proceeds from the offering for
general corporate purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of the Company,
is acting as sole book-running manager for the offering, BB&T
Capital Markets, a division of BB&T Securities, LLC and
Incapital LLC are acting as lead managers, and EarlyBirdCapital,
Inc., Barrington Research Associates, Inc. and Brookline Capital
Markets, a division of CIM Securities, LLC, are acting as
co-managers for the offering.
The offering is being made pursuant to the Company’s existing
shelf registration statement on Form S-3 previously filed with, and
declared effective by, the Securities and Exchange Commission
(“SEC”). The offering may be made only by means of a prospectus and
a related prospectus supplement, copies of which may be obtained
from Ladenburg Thalmann & Co. Inc., Attn: Syndicate Department,
277 Park Ave, 26th Floor, New York, NY 10172, or by emailing
prospectus@ladenburg.com (telephone number 1-800-573-2541). The
preliminary prospectus supplement, dated November 13, 2017, and
accompanying prospectus, dated April 27, 2017, each of which has
been filed with the SEC, contain a description of these matters and
other important information about the Company and should be read
carefully before investing. You may also obtain these documents for
free, by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
About Ladenburg
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS,
LTS PrA) is a publicly-traded diversified financial services
company based in Miami, Florida. Ladenburg’s subsidiaries include
industry-leading independent broker-dealer firms Securities
America, Inc., Triad Advisors, Inc., Securities Service Network,
Inc., Investacorp, Inc. and KMS Financial Services, Inc., as well
as Premier Trust, Inc., Ladenburg Thalmann Asset Management Inc.,
Highland Capital Brokerage, Inc., a leading independent life
insurance brokerage company, Ladenburg Thalmann Annuity Insurance
Services LLC, a full-service annuity processing and marketing
company, and Ladenburg Thalmann & Co. Inc., an investment bank
which has been a member of the New York Stock Exchange for over 135
years. The company is committed to investing in the growth of its
subsidiaries while respecting and maintaining their individual
business identities, cultures, and leadership. For more
information, please visit www.ladenburg.com.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the Company’s offering of
the Notes and the anticipated use of the net proceeds of such
offering. These statements are based on management’s current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors,
including the United States Department of Labor’s rule and
exemptions pertaining to the fiduciary status of investment advice
providers to 401(k) plans, plan sponsors, plan participants and the
holders of individual retirement or health savings accounts, future
cash flows, a change in the Company’s dividend policy by the
Company’s Board of Directors (which has the ability in its sole
discretion to increase, decrease or eliminate entirely the
Company’s dividend at any time) and other risks and uncertainties
affecting the operation of the Company’s business. These risks,
uncertainties and contingencies include those set forth in the
Company’s annual report on Form 10-K for the fiscal year ended
December 31, 2016 and other factors detailed from time to time in
its other filings with the SEC. The information set forth herein
should be read in light of such risks. Further, investors should
keep in mind that the Company’s quarterly revenue and profits can
fluctuate materially depending on many factors, including the
number, size and timing of completed offerings and other
transactions. Accordingly, the Company’s revenue and profits in any
particular quarter may not be indicative of future results. The
Company is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise, except as required by law.
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Sard Verbinnen & CoEmily Claffey / Benjamin
Spicehandler212-687-8080
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