Ladenburg Thalmann Announces Pricing of Public Offering of 7.75% Senior Notes Due 2029
May 21 2019 - 5:15PM
Business Wire
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS;
LTS PrA; LTSL; LTSF; LTSK) (the “Company”) today announced that it
has priced an underwritten registered public offering of $50
million aggregate principal amount of 7.75% senior notes due 2029
(the “Notes”) at 100% of the principal amount, plus accrued
interest from May 29, 2019, if the initial settlement occurs after
that date. The Company has granted the underwriters a 30-day option
to purchase up to an additional $7.5 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 and to trade thereon within 30 days of the original
issue date under the trading symbol “LTSH.” The offering is
expected to close on May 29, 2019, subject to customary closing
conditions.
The Company plans to use the net proceeds from the offering for
general corporate purposes.
UBS Securities LLC, Morgan Stanley & Co. LLC, RBC Capital
Markets, LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of
the Company, are acting as joint book-running managers for the
offering and BB&T Capital Markets, a division of BB&T
Securities, LLC, and Incapital LLC are acting as co-managers for
this offering.
The offering is being 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 may be made only by means of a prospectus and
a related prospectus supplement, copies of which may be obtained
from UBS Securities LLC, Attention: Prospectus Department, 1285
Avenue of the Americas, New York, New York, 10019 (telephone number
1-888-827-7275), Morgan Stanley & Co. LLC, Attention:
Prospectus Department, 180 Varick Street, New York, NY 10014, or by
emailing prospectus@morganstanley.com (telephone number
1-800-584-6837), RBC Capital Markets, LLC, 200 Vesey Street, 8th
Floor, New York, NY 10281, by calling (866) 375-6829 or by emailing
rbcnyfixedincomeprospectus@rbccm.com or Ladenburg Thalmann &
Co. Inc., Attention: Syndicate Department, 277 Park Ave, 26th
Floor, New York, NY 10172, or by emailing prospectus@ladenburg.com
(telephone number 1-800-573-2541). The preliminary prospectus
supplement, dated May 21, 2019, and accompanying prospectus, dated
April 27, 2017, each of which has been filed with the SEC, contain
a description of these matters and other important information
about the Company and should be read carefully before investing.
You may also obtain these documents for free, by visiting the SEC’s
website at www.sec.gov.
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; LTSL; LTSF; LTSK) is a publicly-traded diversified
financial services company based in Miami, Florida. Ladenburg’s
subsidiaries include industry-leading independent advisory and
brokerage (IAB) firms Securities America, Triad Advisors,
Securities Service Network, Investacorp and KMS Financial Services,
as well as Premier Trust, Ladenburg Thalmann Asset Management,
Highland Capital Brokerage, a leading independent life insurance
brokerage company and 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.
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 SEC’s proposed rules and interpretations concerning
the standards of conduct for broker dealers and investment advisers
when dealing with retail investors, 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, 2018 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: https://www.businesswire.com/news/home/20190521005960/en/
Sard Verbinnen & CoEmily Claffey / Benjamin Spicehandler
212-687-8080
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