By James McCandless
San Antonio, Sept. 19 – JMP Group LLC priced an upsized $36 million offering of $25-par 10-year senior notes at par with a coupon of 6.875%, according to a press release.
There is a $3.75 million greenshoe.
The deal, announced Thursday morning, was upsized from an initial $25 million.
UBS Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
The notes are redeemable on or after Sept. 30, 2021 at par.
JMP Group plans to use the proceeds to redeem up to all of its $25 million outstanding principal amount of 8% senior notes, and the remainder, if any, will be used for general corporate purposes.
The company plans to list the notes on the New York Stock Exchange.
JMP Group is a San Francisco-based investment brokerage.
| Issuer: | JMP Group LLC
|
| Description: | Senior notes
|
| Amount: | $36 million
|
| Greenshoe: | $3.75 million
|
| Maturity: | Sept. 30, 2029
|
| Bookrunners: | UBS Securities LLC and Morgan Stanley & Co. LLC
|
| Co-managers: | JMP Securities LLC and Wedbush Securities Inc.
|
| Coupon: | 6.875%
|
| Price: | Par of $25.00
|
| Yield: | 6.875%
|
| Call: | On or after Sept. 30, 2021 at par
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 26
|
| Distribution: | SEC registered
|
| Listing: | NYSE
|
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