By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – Hennessy Advisors, Inc. priced $35 million of 4 7/8% $25-par senior notes due 2026, according to a news release on Wednesday.
There is a $5.25 million 30-day greenshoe.
As previously reported, the notes can be redeemed at par, plus interest, starting in 2023.
Interest will be payable quarterly, beginning Dec. 31.
Oppenheimer & Co. Inc. is the bookrunning manager.
U.S. Bank NA is the trustee.
The notes are expected to be listed on the Nasdaq Global Market as “HNNAZ.”
Proceeds will be used for general corporate purposes, which may include future acquisitions and/or repurchase of shares of common stock pursuant to a self-tender offer.
Hennessy Advisors is an investment manager based in Novato, Calif.
Issuer: | Hennessy Advisors, Inc.
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Issue: | $25-par senior notes
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Amount: | $35 million
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Greenshoe: | $5.25 million
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Maturity: | Dec. 31, 2026
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Bookrunner: | Oppenheimer & Co. Inc.
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Co-manager: | Janney Montgomery Scott LLC
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Coupon: | 4 7/8%
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Call option: | At par plus interest starting Dec. 31, 2023
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Expected listing: | Nasdaq Global Market: HNNAZ
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Pricing date: | Oct. 13
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