New York, Aug. 9 – Ladenburg Thalmann Financial Services Inc. priced an upsized $60 million offering of $25-par senior notes due 2028 with a 7.25% coupon at par after the close on Thursday, according to a news release.
The deal was announced earlier in the day and a market source said the initial size was $50 million.
Ladenburg priced the notes at the tight end of talk for a coupon of 7.25% to 7.375%.
Morgan Stanley & Co. LLC, UBS Securities LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
There is an overallotment option of $9 million.
The notes are redeemable after three years.
Ladenburg plans to use the proceeds for general corporate purposes.
The company plans to list the notes on the NYSE American under the symbol “LTSK.”
Ladenburg is a Miami-based financial services company.
| Issuer: | Ladenburg Thalmann Financial Services Inc.
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| Issue: | Senior notes
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| Amount: | $60 million
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| Greenshoe: | $9 million
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| Maturity: | 2028
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| Coupon: | 7.25%
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| Price: | Par of $25
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| Call: | Starting in 2023
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| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC and Ladenburg Thalmann & Co. Inc.
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| Co-managers: | BB&T Capital Markets and Incapital LLC
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 16
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| Distribution: | Off shelf
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| Listing: | NYSE American: LTSK (expected)
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| Talk: | 7.25% to 7.375%
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