JMP Group LLC completed the underwritten public offering of $36.0 million aggregate principal amount of its 6.875% senior notes due Sept. 30, 2029.
The company received net proceeds after discounts and commissions, but before expenses, of approximately $34.9 million. A portion of the net proceeds will be used to redeem up to all of the outstanding 8.00% senior notes due 2023 of its wholly owned subsidiary, JMP Group Inc. The remainder of the net proceeds will be used for general corporate purposes.
The notes bear interest at the rate of 6.875% per annum. Interest on the notes will be paid quarterly in arrears on March 30, June 30, Sept. 30 and Dec. 30, commencing Dec. 31.
UBS Securities LLC and Morgan Stanley & Co. LLC were joint book-running managers of the offering. JMP Securities LLC and Wedbush Securities Inc. were co-managers.
