JMP Group Announces Pricing of Senior Notes
20 September 2019 - 12:04AM
Business Wire
JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, announced today that it has priced an
underwritten public offering of $36.0 million aggregate principal
amount of 6.875% senior notes due 2029.
Net proceeds to JMP Group after discounts and commissions but
before expenses are expected to be approximately $34.9 million. A
portion of the net proceeds is intended to be used to redeem up to
all of the outstanding 8.00% senior notes due 2023 (the “2023
Senior Notes”) of its wholly owned subsidiary, JMP Group Inc.,
following the completion of the offering, and the remainder, if
any, will be used for general corporate purposes. This press
release should not be construed as a notice of redemption for the
8.00% Senior Notes.
The notes will mature on September 30, 2029, and may be redeemed
in whole or in part at any time or from time to time at JMP Group’s
option on or after September 30, 2021, at a redemption price equal
to the principal amount redeemed plus accrued and unpaid interest.
The notes will bear interest at a rate of 6.875% per year, payable
quarterly on March 30, June 30, September 30 and December 30 of
each year, beginning on December 30, 2019.
UBS Securities LLC and Morgan Stanley & Co. LLC are acting
as joint bookrunning managers of the offering; JMP Securities LLC
and Wedbush Securities Inc. are acting as co-managers. The offering
is expected to close on September 26, 2019, subject to customary
closing conditions.
This offering is being made only by means of a prospectus.
Copies of the final prospectus related to the offering, when
available, may be obtained from UBS Securities LLC, Attn:
Prospectus Department, 1285 Avenue of the Americas, New York, NY
10019, by telephone at (888) 827-7275, or Morgan Stanley & Co.
LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY
10014, by telephone at (866) 718-1649.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission. This press release does not constitute an offer to sell
or the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements relating to the
expected closing of the offering and the anticipated use of the net
proceeds from the offering. Forward-looking statements provide JMP
Group’s current expectations or forecasts about future events,
including beliefs, plans, objectives, intentions, assumptions and
other statements that are not historical facts. Forward-looking
statements are subject to known and unknown risks and uncertainties
that could cause actual results to differ materially from those
expected or implied by the forward-looking statements. The
company’s actual results could differ materially from those
anticipated in forward-looking statements for many reasons,
including the factors described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the company’s Form 10-K for
the year ended December 31, 2018, as filed with the U.S. Securities
and Exchange Commission on March 28, 2019, and other factors
described in the section entitled “Risk Factors” in the company’s
prospectus related to the offering, as well as in the similarly
captioned sections of other periodic reports filed by the company
under the Exchange Act. Such forward-looking statements speak only
as of the date of this press release. Unless required by law, JMP
Group undertakes no obligation to publicly update or revise any
forward-looking statement to reflect circumstances or events after
the date of this press release.
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity research, and sales and trading
services to corporate and institutional clients as well as
alternative asset management products and services to institutional
and high-net-worth investors. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities; its hedge fund, venture capital and private capital
activities though Harvest Capital Strategies and JMP Asset
Management; and the management of Harvest Capital Credit
Corporation (NASDAQ: HCAP), a business development company, through
HCAP Advisors. For more information, visit www.jmpg.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190919005928/en/
Investor Relations Contact JMP Group LLC
Andrew Palmer (415) 835-8978 apalmer@jmpg.com
Media Relations Contacts Dukas Linden Public Relations,
Inc.
Zach Leibowitz (646) 722-6528 zach@dlpr.com
Alyssa Noud (646) 722-6525 alyssa@dlpr.com
JMP (NYSE:JMP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
JMP (NYSE:JMP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024