Oppenheimer Holdings Inc. Announces Retirement of $50 million of 8.75% Senior Secured Notes Due 2018

CNW Group

NEW YORK , March 14, 2014 /CNW/ - Oppenheimer Holdings Inc. (the "Company") announced that it will be retiring a total of $50 million (25%) of its 8.75% Senior Secured Notes due 2018 (the "Notes").  The Company will deliver to the holders of the Notes a notice of partial redemption, notifying such holders of the Company's intent to redeem on April 15, 2014 (the "Redemption Date") $45 million aggregate principal amount of the outstanding Notes at a redemption price equal to 106.563% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. In addition, the Company will also be retiring the $5 million aggregate principal amount of the Notes that it currently holds. Upon completion of the redemption and retirement on the Redemption Date, $150 million aggregate principal amount of the Notes will remain outstanding. The retirement of the Notes will reduce the Company's interest costs by $3.9 million annually.

In connection with the announced retirement, Albert G. Lowenthal , Chairman and CEO, commented, "We are pleased to be able to reduce the principal amount of this high cost debt by 25% which will, of course, also reduce Oppenheimer's leverage. We look forward to continuing this process as our profitability improves."

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, investment management, and commercial mortgage banking. With roots tracing back to 1881, the firm is headquartered in New York and has 96 offices in 25 states and 5 foreign jurisdictions.

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 the Company's Annual Report on Form 10-K for the year ended December 31, 2013 .


SOURCE Oppenheimer Holdings Inc.

Contact:

Jeffrey Alfano
212-825-4331

Rates

View Comments (0)