NEW YORK, June 16, 2017 /CNW/ - Oppenheimer Holdings Inc.
("OPY") announced today that it priced $200
million aggregate principal amount of 6.75% senior secured
notes due 2022 (the "Notes") at an initial offering price of 100%
of the principal amount 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
June 23, 2017, 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 intends to use a portion of the net proceeds from the
offering of the Notes to redeem in full its 8.75% Senior Secured
Notes due April 15, 2018, and pay all
related fees and expenses in relation thereto. The remaining net
proceeds from the offering will be used for general corporate
purposes, which may include acquisitions of or investments in other
businesses that OPY believes will complement its current
businesses.
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 Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services
including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance),
research, market-making, trust, and investment management. With
roots tracing back to 1881, the firm is headquartered in
New York and has 98 offices in 24
states and 5 foreign jurisdictions.
Forward-Looking Statements
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, the intended use of proceeds from the offering. The
closing of the offering is subject to customary closing conditions
and other factors, some of which are beyond OPY's control.
Accordingly, no assurance can be given that the offering will be
completed on the contemplated terms or at all, and you should not
place undue reliance on any forward-looking statements contained in
this press release. For a discussion of some of the risks and
important factors that could affect such forward-looking
statements, reference is made to "Factors Affecting
'Forward-Looking Statements'" and Part 1A—"Risk Factors" in OPY's
Annual Report on Form 10-K for the year ended December 31, 2016. OPY does not undertake
any obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring
after the date hereof or the occurrence of unanticipated
events.
SOURCE Oppenheimer Holdings Inc.