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Cowen closes note offering

Cowen Inc. has closed a public offering of $120.0 million of 7.35% senior notes due Dec. 15, 2027.

Interest on the notes is payable quarterly in arrears on March 15, June 15, Sept. 15 and Dec. 15, beginning March 15, 2018.

The company has received net proceeds of approximately $115.6 million, after deducting the underwriting discount payable to the underwriters and estimated expenses.

The net proceeds will be used to redeem all of its outstanding 8.25% senior notes due 2021 and for general corporate purposes.

Cowen has the option to redeem the notes in whole at any time or in part from time to time on or after Dec. 15, 2020.

The notes were issued under an underwriting agreement that Cowen entered into with Morgan Stanley & Co. LLC and UBS Securities LLC, as representatives of the offering's underwriters.