Moody’s rates Oppenheimer notes B1

Moody's Investors Service said it assigned a B1 rating to Oppenheimer Holdings, Inc.'s proposed $200 million senior secured notes and affirmed its B2 corporate family rating.

The outlook is stable.

Oppenheimer expects to raise up to $200 million in senior secured notes due 2022 and intends to use a portion of the proceeds to redeem in full its existing B1-rated $120 million 8¾% senior secured notes due 2018. Oppenheimer intends to use the remaining amount raised for general corporate purposes, including for potential acquisitions or investments in other businesses.

Moody's said the B1 note rating is based on the application of its LGD methodology and model, and reflects the notes' seniority to lease obligations (which the agency considers to be debt-like obligations when calculating issuers' financial metrics) in Oppenheimer's capital structure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.