Oppenheimer to redeem $50 million of 6¾% notes due 2022

By Rebecca Melvin

New York, July 26 – Oppenheimer Holdings Inc. announced that it is redeeming $50 million, or 25%, of its 6¾% senior secured notes due 2022.

Holders of the notes were notified that the partial redemption will occur Aug. 25 at a redemption price equal to 103.375% of the principal amount of the notes to be redeemed plus accrued interest, the company said in a news release.

Upon completion of the redemption, $150 million principal amount of the notes will remain outstanding.

The company will incur $1.7 million in costs associated with paying the call premium on the notes during the third quarter, and the redemption will reduce the company's interest costs by $3.8 million annually.

Oppenheimer is a New York-based middle market investment bank and full-service broker-dealer.

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