Hennessy Advisors greenshoe lifts 4 7/8% $25-par notes to $40.25 million

By William Gullotti

Buffalo, N.Y., Oct. 20 – Underwriters for Hennessy Advisors, Inc.’s offering of 4 7/8% $25-par notes exercised their over-allotment option in full for $5.25 million more of the notes (Egan-Jones: A), increasing the size of the issue to $40.25 million, according to a news release on Wednesday.

As previously reported, Oppenheimer & Co. Inc. served as bookrunner with Janney Montgomery Scott LLC as co-manager for the notes due 2026.

Proceeds will be used for general corporate purposes, which may include future acquisitions and/or repurchasing outstanding shares of common stock pursuant to a self-tender offer.

The notes are expected to be listed on the Nasdaq Global Market as “HNNAZ” within 30 days.

Hennessy Advisors is an investment manager based in Novato, Calif.

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