S&P assigns Oppenheimer notes B+

S&P said it assigned its B+ rating to Oppenheimer Holdings Inc.'s proposed $125 million of senior notes due 2025. The notes will be guaranteed on a senior secured basis by Oppenheimer's subsidiaries, E.A. Viner International Co. and Viner Finance Inc., and will be secured by a first-priority security interest in substantially all of Oppenheimer's and the subsidiary guarantors' existing and future tangible and intangible assets.

Oppenheimer is expected to use proceeds, along with cash on hand, to redeem its 6¾% senior secured notes due July 2022.

“In our view, this offering does not affect our rating or outlook on the company, given it is largely debt for debt in nature,” S&P said in a press release.

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