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JMP Group prices offering of senior notes due 2029

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JMP Group prices offering of senior notes due 2029

JMP Group LLC priced an underwritten public offering of $36.0 million aggregate principal amount of 6.875% senior notes due Sept. 30, 2029.

The offering is expected to close Sept. 26. Net proceeds to the company after discounts and commissions but before expenses are expected to be about $34.9 million.

JPM Group intends to use a portion of the net proceeds to redeem up to all of the outstanding 8.00% senior notes due 2023 of its unit, JMP Group Inc., following the completion of the offering. The remainder of the net proceeds will be used for general corporate purposes.

Interest on the notes will be paid quarterly on March 30, June 30, Sept. 30 and Dec. 30 of each year, beginning Dec. 30, 2019. The notes may be redeemed in whole or in part at any time or from time to time at JMP Group's option on or after Sept. 30, 2021. These will be redeemed at a price equal to the principal amount redeemed plus accrued and unpaid interest.

UBS Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers of the offering. JMP Securities LLC and Wedbush Securities Inc. are serving as co-managers.