Oppenheimer intends to sell $200 million seven-year secured notes

By Paul A. Harris

Portland, Ore., March 30 - Oppenheimer Holdings Inc. plans to price $200 million of seven-senior senior secured notes during the week ahead, according to an informed source.

Morgan Stanley & Co. Inc. has the books for the Rule 144A with registration rights offering.

Oppenheimer & Co. is the joint lead manager.

The notes come with three years of call protection.

Credit ratings remain to be determined.

Proceeds will be used to refinance $22.5 million of debt outstanding as of Dec. 31, 2010 under the variable-rate secured credit note due July 31, 2013 and $100 million under the variable-rate subordinated note due Jan. 31, 2014.

The New York City-based financial institution provides wealth management, securities brokerage and investment banking services to individuals, families, corporate executives, local governments, businesses and institutions.

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