Jefferies and MassMutual Announce Conversion of Preferred Shares

Rhea-AI Summary

Jefferies Financial Group Inc. (NYSE: JEF) announced that Massachusetts Mutual Life Insurance Company (MassMutual) has converted 125,000 Series A Cumulative Convertible Preferred Shares into 4,654,362 shares of Jefferies common stock. This conversion reflects a significant milestone in the longstanding relationship between the two firms, as expressed by Jefferies' CEO Rich Handler and President Brian Friedman, who view this as a testament to their successful partnership. MassMutual's Chairman, Roger Crandall, also highlighted the growth of Jefferies as a leading financial services firm and the desire to explore further collaborative opportunities.

Positive

• MassMutual converted 125,000 preferred shares into 4,654,362 common shares, indicating strong investor confidence.
• The conversion signifies a continued strong partnership between Jefferies and MassMutual, which could lead to enhanced business opportunities.
• The PR emphasizes Jefferies' growth as a leading financial services firm, which may improve investor sentiment.

Negative

• None.

NEW YORK & SPRINGFIELD, Mass.--(BUSINESS WIRE)-- Jefferies Financial Group Inc. (“Jefferies”) (NYSE: JEF) and Massachusetts Mutual Life Insurance Company (“MassMutual”) announced today that MassMutual has converted 125,000 3.25% Series A Cumulative Convertible Preferred Shares of Jefferies into 4,654,362 shares of Jefferies common stock.

Rich Handler, Jefferies’ CEO, and Brian Friedman, its President, commented: “This is another very important milestone in our 33-year relationship with MassMutual that has been meaningful and successful for our shareholders, clients and employees. We are pleased that MassMutual chose to become common shareholders of Jefferies and look forward to many more years of collaboration and partnership between MassMutual and Jefferies.”

Roger Crandall, Chairman, President and CEO of MassMutual, stated: “We are pleased to build on the strong, long-term relationship we have established with Jefferies over the years. We have watched Jefferies build itself into a leading financial services firm and look forward to exploring additional ways of working together for the benefit of our policyowners and customers.”

About Jefferies

Jefferies is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research and wealth and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments.

About MassMutual

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit massmutual.com.

Source: Jefferies Financial Group Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005877/en/

Jefferies Financial Group Inc.

Jonathan Freedman

212-778-8913

mediacontact@jefferies.com

Massachusetts Mutual Life Insurance Company

Chelsea Haraty

413-426-2008

chelseaharaty@massmutual.com

Source: Jefferies Financial Group Inc.

FAQ

What recent action did MassMutual take regarding Jefferies (JEF)?

MassMutual converted 125,000 Series A Cumulative Convertible Preferred Shares of Jefferies into 4,654,362 shares of common stock.

What does the conversion of shares by MassMutual signify for Jefferies (JEF)?

The conversion indicates strong investor confidence and reflects the success of the long-term relationship between Jefferies and MassMutual.

Who commented on the conversion of shares in the press release for Jefferies (JEF)?

Rich Handler, Jefferies' CEO, and Brian Friedman, its President, commented on the conversion, highlighting its importance.

How many shares did MassMutual convert in Jefferies (JEF)?

MassMutual converted 125,000 preferred shares into 4,654,362 common shares.

What is the ticker symbol for Jefferies Financial Group?

The ticker symbol for Jefferies Financial Group is JEF.