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.
Jeffrey Alfano
212-825-4331
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