NEW YORK, Sept. 17, 2020 /CNW/ - Oppenheimer Holdings
Inc. ("OPY" or the "Company") announced today that it priced
$125 million aggregate principal
amount of 5.50% senior secured notes due 2025 (the "Notes") at an
initial offering price of 100% of the principal amount in
connection with its previously announced private offering that is
exempt from the registration requirements of the Securities Act of
1933, as amended (the "Securities Act"). The closing of the private
offering is expected to occur on September
22, 2020, subject to customary closing conditions. The Notes
will be guaranteed on a senior secured basis by OPY's subsidiaries,
E.A. Viner International Co. and Viner Finance Inc. The Notes will
be secured by a first-priority security interest in substantially
all of OPY's and the subsidiary guarantors' existing and future
tangible and intangible assets.
The Notes will not be registered under the Securities Act or any
state securities law and may not be offered or sold in the United States absent registration or an
applicable exemption from registration under the Securities Act and
applicable state securities laws. The Notes will be offered in
the United States only to
qualified institutional buyers under Rule 144A of the Securities
Act and outside the United States
under Regulation S of the Securities Act.
OPY intends to use the net proceeds from the offering of the
Notes, along with cash on hand, to redeem in full its 6.75% Senior
Secured Notes due July 1, 2022, and
pay all related fees and expenses in relation thereto.
This press release shall not constitute an offer to sell or
the solicitation of an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that is engaged in a broad range of activities in the
financial services industry, including retail securities brokerage,
institutional sales and trading, investment banking (corporate and
public finance), equity and fixed income research, market-making,
trust services, and investment advisory and asset management
services. With roots tracing back to 1881, the Company is
headquartered in New York and has
93 retail branch offices in the United
States and has institutional businesses located in
London, Tel Aviv, and Hong
Kong.
Forward-Looking Statements
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, the Company's intention to consummate the proposed
offering on the terms described herein and the intended use of
proceeds from the offering. The consummation of the offering is
subject to market conditions and other factors that are beyond the
Company's control. Accordingly, no assurance can be given that the
offering will be completed on the contemplated terms or at all and
you should not place undue reliance on any forward-looking
statements contained in this press release.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements, reference is made to
factors affecting "Forward-Looking Statements" and "Part 1A – Risk
Factors" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2019 and the
Company's Quarterly Reports on Form 10-Q for the quarter ended
March 31, 2020 and the quarter ended
June 30, 2020. The Company does not
undertake any obligation to release publicly any revisions to
forward-looking statements made by it to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events.
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SOURCE Oppenheimer Holdings Inc.