By Paul A. Harris
Portland, Ore., June 16 – Oppenheimer Holdings Inc. priced a $200 million issue of five-year senior secured notes (B1/B+) at par to yield 6¾% on Friday, according to market sources.
The yield printed at the tight end of the 6¾% to 7% yield talk. Early guidance was in the 6½% area, a trader said.
Oppenheimer ran the books for its own deal, sources say.
The New York-based financial institution plans to use the proceeds to redeem its 8¾% senior secured notes due April 15, 2018 in full, with the remaining proceeds to be used for general corporate purposes, which may include acquisitions.
| Issuer: | Oppenheimer Holdings Inc.
|
| Amount: | $200 million
|
| Maturity: | 2022
|
| Securities: | Senior secured notes
|
| Bookrunner: | Oppenheimer
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Trade date: | June 16
|
| Settlement date: | June 23
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Roadshow
|
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