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JMP Group unit to redeem senior notes

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JMP Group unit to redeem senior notes

JMP Group LLC subsidiary JMP Group Inc. plans to redeem all the outstanding $48.3 million principal amount of its 7.25% senior notes due 2021.

The notes will be delisted from the New York Stock Exchange following the redemption. The redemption price per note will be $25 plus accrued and unpaid interest to, but excluding, the redemption date.

The company expects to use the net proceeds from its offering of 7.25% senior notes due 2027, which closed Nov. 28, together with existing unrestricted cash, to redeem the 2021 notes and to pay related expenses.

U.S. Bank NA is acting as the trustee for the notes.