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Cowen greenshoe exercise lifts 7.35% $25-par notes to $138 million
By Angela McDaniels
Tacoma, Wash., Dec. 11 – The underwriters of Cowen Inc.’s 7.35% $25-par senior notes due 2027 exercised their $18 million over-allotment option in full, increasing the size of the issue to $138 million.
As previously reported, the company priced $120 million of the notes at par on Dec. 5.
Morgan Stanley & Co. LLC, UBS Securities LLC and Cowen and Co., LLC were the bookrunners.
The notes will be listed on the Nasdaq exchange.
The notes are callable at par beginning Dec. 15, 2020.
Proceeds will be used to redeem all of the company’s 8.25% senior notes due 2021 and for general corporate purposes.
Cowen is a financial services firm based in New York.
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