By James McCandless
San Antonio, Aug. 10 – Ladenburg Thalmann Financial Services Inc. provided more details of its $60 million offering of $25-par 7.25% senior notes due 2028 in an FWP filing with the Securities and Exchange Commission.
The deal, which priced late Thursday, was upsized from an initial amount of $50 million and came at the low end of talk for a coupon between 7.25% and 7.375%.
Morgan Stanley & Co. LLC, UBS Securities LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
There is an overallotment option of $9 million.
The notes are redeemable after three years.
Ladenburg plans to use the proceeds for general corporate purposes.
The company plans to list the notes on the NYSE American under the symbol “LTSK.”
Ladenburg is a Miami-based financial services company.
| Issuer: | Ladenburg Thalmann Financial Services Inc.
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| Issue: | Senior notes
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| Amount: | $60 million
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| Greenshoe: | $9 million
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| Maturity: | Sept. 30, 2028
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| Coupon: | 7.25%
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| Price: | Par of $25
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| Call: | On or after Sept. 30, 2021 at par
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| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC and Ladenburg Thalmann & Co. Inc.
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| Co-managers: | BB&T Capital Markets and Incapital LLC
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 16
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| Ratings: | Egan-Jones Rating Co.: A- (expected)
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| Distribution: | SEC Registered
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| Listing: | NYSE American: LSTK (expected)
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| Talk: | 7.25% to 7.375%
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