By Paul A. Harris
Portland, Ore., Sept. 17 – Oppenheimer Holdings, Inc. priced a $125 million issue of five-year senior secured notes (B1/B+) at par to yield 5½% in a Thursday drive-by, according to market sources.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
Oppenheimer & Co. Inc. managed the sale.
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.
| Issuer: | Oppenheimer Holdings Inc.
|
| Amount: | $125 million
|
| Tenor: | Five-year
|
| Securities: | Senior secured notes
|
| Bookrunner: | Oppenheimer & Co. Inc.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call protection: | Two years
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Drive-by
|
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