JMP Group Announces Pricing of Senior Notes
November 20 2017 - 6:11PM
Business Wire
JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, announced today that its wholly owned
subsidiary, JMP Group Inc., has priced an underwritten public
offering of $50.0 million aggregate principal amount of 7.25%
senior notes due 2027.
Net proceeds to the company after discounts and commissions but
before expenses are expected to be approximately $48.4 million. A
portion of the net proceeds is intended to be used to redeem some
or all of the company’s outstanding 7.25% Senior Notes due 2021 or
8.00% Senior Notes due 2023, or both, and the remainder, if any,
will be used for general corporate purposes.
The notes will mature on November 15, 2027, and may be redeemed
in whole or in part at any time or from time to time at the
company’s option on or after November 28, 2020, at a redemption
price equal to the principal amount redeemed plus accrued and
unpaid interest. The notes will bear interest at a rate of 7.25%
per year, payable quarterly on February 15, May 15, August 15 and
November 15 of each year, beginning on February 15, 2018.
UBS Securities LLC and Morgan Stanley & Co. LLC are acting
as joint bookrunning managers of the offering; JMP Securities LLC
and Barrington Research Associates, Inc. are acting as co-managers.
The offering is expected to close on November 28, 2017, subject to
customary closing conditions. The company has granted the
underwriters an option to purchase an additional $7.5 million
aggregate principal amount of notes to cover overallotments, if
any.
This offering is being made only by the prospectus and
prospectus supplement related to this offering. The notes will be
issued pursuant to an effective shelf registration statement
previously filed on Form S-3 with the U.S. Securities and Exchange
Commission. The preliminary prospectus supplement, accompanied by
the base prospectus related to the offering, has been filed with
the SEC and is available on the SEC’s website at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus may also be obtained from UBS Securities
LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New
York, NY 10019, by telephone at (888) 827-7275, or Morgan Stanley
& Co. LLC, Attn: Prospectus Department, 180 Varick Street, New
York, NY 10014, by telephone at (800) 584-6837.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements relating to the
expected closing of the offering and the anticipated use of the net
proceeds from the offering. Forward-looking statements provide JMP
Group’s current expectations or forecasts about future events,
including beliefs, plans, objectives, intentions, assumptions and
other statements that are not historical facts. Forward-looking
statements are subject to known and unknown risks and uncertainties
that could cause actual results to differ materially from those
expected or implied by the forward-looking statements. The
company’s actual results could differ materially from those
anticipated in forward-looking statements for many reasons,
including the factors described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the company’s Form 10-K for
the year ended December 31, 2016, as filed with the U.S. Securities
and Exchange Commission on March 14, 2017, and other factors
described in the section entitled “Risk Factors” in the company’s
preliminary prospectus supplement related to the offering filed
with the SEC on the date of this press release as well as in the
similarly captioned sections of other periodic reports filed by the
company under the Exchange Act. Such forward-looking statements
speak only as of the date of this press release. Unless required by
law, JMP Group undertakes no obligation to publicly update or
revise any forward-looking statement to reflect circumstances or
events after the date of this press release.
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity research, and sales and trading
services to corporate and institutional clients as well as
alternative asset management products and services to institutional
and high-net-worth investors. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities; its hedge fund, venture and private capital, and credit
management activities though Harvest Capital Strategies, JMP Asset
Management and JMP Credit Advisors; and the management of Harvest
Capital Credit Corporation (NASDAQ: HCAP), a business development
company, through HCAP Advisors. For more information, visit
www.jmpg.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171120006174/en/
Investor Relations ContactJMP Group LLCAndrew Palmer,
415-835-8978apalmer@jmpg.comorMedia Relations ContactsDukas
Linden Public Relations, Inc.Ben Jaffe,
212-704-7385ben@dlpr.comZach Leibowitz,
212-704-7385zach@dlpr.com
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