By Cristal Cody
Tupelo, Miss., Dec. 5 – Cowen Inc. sold $120 million of 7.35% $25-par 10-year senior notes on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC, UBS Securities LLC and Cowen and Co., LLC were the bookrunners.
There is an $18 million over-allotment option.
The securities will be listed on the Nasdaq exchange.
Proceeds will be used to redeem all of the company’s 8.25% senior notes, which mature on Oct. 15, 2021, and for general corporate purposes.
Cowen is a financial services firm based in New York.
| Issuer: | Cowen Inc.
|
| Amount: | $120 million
|
| Greenshoe: | $18 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2027
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC and Cowen and Co., LLC
|
| Co-managers: | JMP Securities LLC and Ladenburg Thalmann & Co. Inc.
|
| Coupon: | 7.35%
|
| Price: | Par of $25.00 per share
|
| Yield: | 7.35%
|
| Call features: | On or after Dec. 15, 2020 at par
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 8
|
| Distribution: | SEC registered
|
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