NEW YORK,
April 6 /PRNewswire-FirstCall/ -
Oppenheimer Holdings Inc. ("OPY") announced today that it priced
$200 million aggregate principal
amount of 8.75% Senior Secured Notes due 2018 (the "Notes") in
connection with its previously announced private offering exempt
from the registration requirements of the Securities Act of 1933,
as amended (the "Securities Act"). The closing of the private
offering is expected to occur on April 12,
2011, subject to customary closing conditions.
The Notes will be guaranteed on a senior secured basis by OPY's
subsidiaries, E.A. Viner International Co. and Viner Finance Inc.
The Notes will be secured by a first-priority security interest in
substantially all of OPY's and the subsidiary guarantors' existing
and future tangible and intangible assets.
The Notes will not be registered under the Securities Act or any
state securities law and may not be offered or sold in the United States absent registration or an
applicable exemption from registration under the Securities Act and
applicable state securities laws. The Notes will be offered in
the United States only to
qualified institutional buyers under Rule 144A of the Securities
Act and outside the United States
under Regulation S of the Securities Act.
OPY will use the net proceeds from the offering of the Notes to
refinance (i) $22.5 million
outstanding as of December 31, 2010
under its Secured Credit Note and (ii) all amounts outstanding
under its $100.0 million Subordinated
Note. The remaining net proceeds of this offering will be used for
general corporate purposes.
This press release shall not constitute an offer to sell or
the solicitation of an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Company Information
Oppenheimer, through its principal subsidiaries, Oppenheimer
& Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset
Management Inc., offers a wide range of investment banking,
securities, investment management and wealth management services
from 96 offices in 26 states and through local broker-dealers in 4
foreign jurisdictions. Oppenheimer employs over 3,500 people. The
Company offers trust and estate services through Oppenheimer Trust
Company. OPY Credit Corp. offers syndication as well as trading of
issued corporate loans. Oppenheimer Multifamily Housing &
Healthcare Finance, Inc. (formerly called Evanston Financial
Corporation) is engaged in mortgage brokerage and servicing. In
addition, through Freedom Investments, Inc. and the BUYandHOLD
division of Freedom, Oppenheimer offers online discount brokerage
and dollar-based investing services.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance. For a discussion of the
factors that could cause future performance to be different than
anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A—Risk Factors in
Oppenheimer's Annual Report on Form 10-K for the year ended
December 31, 2010.
SOURCE Oppenheimer Holdings Inc.