Ladenburg Thalmann offers $50 million series A perpetual preferreds

By Andrea Heisinger

New York, May 14 - Ladenburg Thalmann Financial Services Inc. is preparing to sell $50 million, or 2 million shares, of series A perpetual cumulative redeemable preferred stock, according to a press release and a filing with the Securities and Exchange Commission on Tuesday.

The $25-par preferreds will be non-callable until a date in May 2018 and will be redeemable at par afterward.

There is a change-of-control redemption, to be exercised within 120 days of an event.

Mitsubishi UFJ Securities (USA) Inc. and Ladenburg Thalmann & Co. Inc. are the bookrunners.

Proceeds will be used to prepay the December 2014 installment under notes payable to various lenders totaling $16.1 million and to repay outstanding borrowings under a $40 million revolving credit facility, along with other general corporate purposes.

The company plans to list the preferreds on the New York Stock Exchange under the ticker "LTS PrA" within 30 days.

The independent brokerage and advisory firm is based in Miami.

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