OPPENHEIMER HOLDINGS INC. ANNOUNCES REDEMPTION OF $113 MILLION OF 5.50% SENIOR SECURED NOTES DUE 2025
Rhea-AI Summary
Oppenheimer Holdings Inc. (OPY) has announced the redemption of $113,050,000 of its 5.50% Senior Secured Notes due 2025. The redemption is scheduled for October 10, 2024, at a price equal to 100.00% of the principal amount plus accrued and unpaid interest. This move will result in the complete redemption of all outstanding Notes.
Chairman and CEO Albert G. Lowenthal stated that the company's recent financial results and strong balance sheet enable this debt redemption, which will reduce interest expenses during a period of high interest rates. He also affirmed that Oppenheimer can raise additional capital in the future as needed to support business growth.
Positive
- Full redemption of $113,050,000 in Senior Secured Notes
- Reduction in interest expenses
- Strong financial results and balance sheet reported
- Ability to raise additional capital for future growth
Negative
- None.
News Market Reaction – OPY
In the trading session that priced this news, OPY gained 1.40%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Sept. 19, 2024 /PRNewswire/ - Oppenheimer Holdings Inc. (the "Company" or "Oppenheimer") today announced that it has delivered to the holders of its
Albert G. Lowenthal, Chairman and CEO of the Company stated "Oppenheimer's recent financial results and strong balance sheet enable the Company to redeem its outstanding public debt and reduce interest expense in a period of high interest rates. The Company can and will raise additional capital as necessary in the future to continue to grow its business."
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 88 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.
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 Oppenheimer's Annual Report on Form 10-K for the year ended December 31, 2023.