SAN FRANCISCO--(BUSINESS WIRE)--JMP Group Inc. (NYSE:JMP), an investment banking and alternative asset management firm, announced today that it has priced an underwritten public offering of $42.0 million aggregate principal amount of 7.25% senior notes.
Net proceeds to the company after discounts and commissions but before expenses are approximately $40.7 million and are intended to be used for general corporate purposes.
The notes will mature on January 15, 2021, and may be redeemed in whole or in part at any time or from time to time at the company’s option on or after January 15, 2017, at a redemption price equal to the principal amount redeemed plus accrued and unpaid interest. The notes will bear interest at a rate of 7.25% per year, payable quarterly on January 15, April 15, July 15 and October 15 of each year, beginning on April 15, 2014.
Keefe, Bruyette & Woods, Inc., Jefferies LLC and JMP Securities LLC are acting as joint bookrunning managers; Sterne, Agee & Leach, Inc. is acting as lead manager; and Gilford Securities Incorporated is acting as co-manager of the offering. The offering is expected to close on January 29, 2014, subject to customary closing conditions. JMP Group has granted the underwriters an option to purchase an additional $6.3 million aggregate principal amount of notes to cover over-allotments, if any.
This offering is being made only by the prospectus and prospectus supplement related to this offering. The notes will be issued pursuant to an effective shelf registration statement previously filed on Form S-3 with the U.S. Securities and Exchange Commission. The preliminary prospectus supplement, accompanied by the base prospectus related to the offering, has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained from Keefe, Bruyette & Woods, Inc., Attn: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 (800-966-1559); Jefferies LLC, Attn: Debt Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022 (800-547-6340); or JMP Securities LLC, Attn: Prospectus Department, 600 Montgomery Street, 11th Floor, San Francisco, CA 94111 (415-835-8985).
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About JMP Group
JMP Group Inc. is a full-service investment banking and asset management firm that provides investment banking, sales and trading, and equity research services to corporate and institutional clients as well as alternative asset management products to institutional and high-net-worth investors. JMP Group operates through three subsidiaries: JMP Securities, Harvest Capital Strategies and JMP Credit Advisors.