Oppenheimer pricing $125 million five-year secured notes on Thursday; initial talk 5½%-5¾% area

By Paul A. Harris

Portland, Ore., Sept. 17 – Oppenheimer Holdings, Inc. plans to price a $125 million offering of five-year senior secured notes (B1/B+) in a Thursday drive-by, according to market sources.

Initial talk has the deal coming to yield in the 5½% to 5¾% area, a trader said.

Oppenheimer & Co. Inc. is managing the sale.

The notes come with two years of call protection.

The New York-based investment bank and financial services company plans to use the proceeds, plus cash on hand, to redeem its outstanding $150 million of 6¾% senior secured notes due 2022.

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