NEW YORK, April 6 /CNW/ - 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.
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.
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.
For further information:
A.G. Lowenthal 212 668-8000 or E.K. Roberts 416 322-1515