Oppenheimer Holdings sets Tuesday launch for $125 million term loan

By Sara Rosenberg

New York, July 6 - Oppenheimer Holdings Inc. has scheduled a bank meeting for Tuesday to launch its proposed $125 million seven-year senior secured term loan (B1), according to a market source.

Morgan Stanley is the lead bank on the deal.

Proceeds will be used to help fund Oppenheimer's full buyback of the first-and second-variable rate exchangeable debentures that were issued in connection with the acquisition of CIBC's U.S. Private Client and Asset Management Divisions in 2003.

The company will pay the par value of the debentures, $160.8 million, in cash plus accrued interest.

Oppenheimer is a Toronto-based provider of financial services.

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