Oppenheimer talks $200 million seven-year notes with 8¾%-9% yield

By Paul A. Harris

Portland, Ore., April 5 - Oppenheimer Holdings Inc. talked its $200 million offering of seven-year senior secured notes (B2/B+) with an 8¾% to 9% all-in yield on Tuesday, according to an informed source.

The books, which are being run by Morgan Stanley & Co. Inc., close at 10 a.m. ET on Wednesday.

Oppenheimer & Co. is the joint lead manager for the Rule 144A with registration rights offering.

The notes come with three years of call protection.

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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