Ladenburg Thalmann Announces Closing of Public Offering of Senior Notes
November 21 2017 - 4:30PM
Business Wire
Ladenburg Thalmann Financial Services Inc. (NYSE American:LTS;
LTS PrA) (the “Company”) today announced that it has closed its
previously announced underwritten registered public offering of
$72.5 million aggregate principal amount of 6.50% senior notes due
2027 (the “Notes”). The Company has granted the underwriters a
30-day option to purchase up to an additional $10.875 million
aggregate principal amount of Notes in connection with the offering
to cover overallotments, if any. The Notes are expected to be
listed on the NYSE American under the trading symbol “LTSL” and to
trade thereon within 30 days of the original issue date.
The offering resulted in net proceeds of approximately $69.6
million after deducting underwriting discounts and commissions, but
before expenses. The Company plans to use the net proceeds from the
offering for general corporate purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of the Company,
acted as sole book-running manager for the offering, BB&T
Capital Markets, a division of BB&T Securities, LLC, and
Incapital LLC acted as lead managers, and EarlyBirdCapital, Inc.,
Barrington Research Associates, Inc. and Brookline Capital Markets,
a division of CIM Securities, LLC, acted as co-managers for the
offering.
The offering was made pursuant to the Company’s existing shelf
registration statement on Form S-3 previously filed with, and
declared effective by, the Securities and Exchange Commission
(“SEC”). The offering was made only by means of a prospectus and a
related prospectus supplement, each of which has been filed with
the SEC, and copies of which may be obtained from Ladenburg
Thalmann & Co. Inc., Attn: Syndicate Department, 277 Park Ave,
26th Floor, New York, NY 10172, or by emailing
prospectus@ladenburg.com (telephone number 1-800-573-2541).
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
About Ladenburg
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS,
LTS PrA) is a publicly-traded diversified financial services
company based in Miami, Florida. Ladenburg’s subsidiaries include
industry-leading independent broker-dealer firms Securities
America, Inc., Triad Advisors, Inc., Securities Service Network,
Inc., Investacorp, Inc. and KMS Financial Services, Inc., as well
as Premier Trust, Inc., Ladenburg Thalmann Asset Management Inc.,
Highland Capital Brokerage, Inc., a leading independent life
insurance brokerage company, Ladenburg Thalmann Annuity Insurance
Services LLC, a full-service annuity processing and marketing
company, and Ladenburg Thalmann & Co. Inc., an investment bank
which has been a member of the New York Stock Exchange for over 135
years. The company is committed to investing in the growth of its
subsidiaries while respecting and maintaining their individual
business identities, cultures, and leadership. For more
information, please visit www.ladenburg.com.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the Company’s offering of
the Notes and the anticipated use of the net proceeds of such
offering. These statements are based on management’s current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors,
including the United States Department of Labor’s rule and
exemptions pertaining to the fiduciary status of investment advice
providers to 401(k) plans, plan sponsors, plan participants and the
holders of individual retirement or health savings accounts, future
cash flows, a change in the Company’s dividend policy by the
Company’s Board of Directors (which has the ability in its sole
discretion to increase, decrease or eliminate entirely the
Company’s dividend at any time) and other risks and uncertainties
affecting the operation of the Company’s business. These risks,
uncertainties and contingencies include those set forth in the
Company’s annual report on Form 10-K for the fiscal year ended
December 31, 2016 and other factors detailed from time to time in
its other filings with the SEC. The information set forth herein
should be read in light of such risks. Further, investors should
keep in mind that the Company’s quarterly revenue and profits can
fluctuate materially depending on many factors, including the
number, size and timing of completed offerings and other
transactions. Accordingly, the Company’s revenue and profits in any
particular quarter may not be indicative of future results. The
Company is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171121006023/en/
Sard Verbinnen & CoEmily Claffey / Benjamin
Spicehandler212-687-8080
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