JMP Group Announces Full Redemption of 8.00% Senior Notes Due 2023 and Satisfaction and Discharge of Indenture
27 September 2019 - 6:51PM
Business Wire
JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, announced today that its wholly owned
subsidiary, JMP Group Inc., has given notice of its intention to
redeem all of the currently outstanding $25.0 million principal
amount of its 8.00% Senior Notes due 2023 (CUSIP No. 46629U 206;
NYSE: JMPB) (the “2023 Notes”) on October 28, 2019 (the “Redemption
Date”), following which they will be delisted from the New York
Stock Exchange. The redemption is being made pursuant to the terms
of the 2023 Notes and the indenture governing the 2023 Notes. The
redemption price per 2023 Note will be $25 plus accrued and unpaid
interest to, but excluding, the Redemption Date. Furthermore, the
company has deposited sufficient funds with the trustee under the
indenture governing the 2023 Notes, U.S. Bank National Association,
to satisfy and discharge the 2023 Notes and the indenture with
respect to the 2023 Notes, and the trustee has acknowledged such
satisfaction and discharge.
The company has instructed the trustee to distribute a Notice of
Redemption to all currently registered holders of the 2023 Notes on
September 27, 2019. Copies of such Notice of Redemption and
additional information relating to the procedure for redemption of
the 2023 Notes may be obtained from U.S. Bank National Association
by calling (800) 934-6802 (toll-free).
JMP Group has deposited a portion of the net proceeds from its
offering of 6.875% Senior Notes due 2029, which closed on September
26, 2019, to satisfy and discharge the 2023 Notes and to pay
related expenses.
This press release does not constitute a notice of redemption
under the optional redemption provisions of the 2023 Notes, nor
does it constitute an offer to sell or the solicitation of an offer
to buy, 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 redemption of the 2023 Notes and the satisfaction and
discharge of the indenture governing the 2023 Notes.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190927005412/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
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