745 Capital Commences Tender Offer for Senior Notes

Rhea-AI Summary

745 Capital LLC has initiated a cash tender offer for up to $50,000,000 of Ladenburg Thalmann Financial Services Inc.'s 6.50% Senior Notes due 2027, offering $15.00 for every $25.00 of principal amount, plus accrued interest. The tender offer expires at 5:00 p.m. EST on July 15, 2022. Payment for successfully tendered notes is expected on or about July 22, 2022. This offer is not a solicitation to sell the notes but is subject to specified conditions.

Positive

• Cash tender offer for up to $50,000,000 principal amount of notes may enhance liquidity for shareholders.
• Offer price of $15.00 for every $25.00 of principal represents a premium for note holders.

Negative

• The tender offer may lead to reduced liquidity if holders choose to participate, impacting future trading of the notes.
• The statement of potential risks in forward-looking statements may imply uncertainty regarding the offer's completion.

Offer to Purchase for Cash Up to $50,000,000.00 Principal Amount of the Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes Due 2027 at $15.00 per $25.00 of Principal Amount of the Notes plus Accrued Interest

NEW YORK, June 14, 2022 /PRNewswire/ -- 745 Capital LLC (the "Purchaser") has commenced a cash tender offer for up to $50,000,000.00 principal amount of the Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes Due 2027 (CUSIP No. 50575Q300) (NYSE symbol LTSL) (Bloomberg symbol LTSL Pfd) (the "Notes") as described below (the "Tender Offer").  The terms and conditions of the Tender Offer are described in the Purchaser's Offer to Purchase dated June 9, 2022 (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal").

The Tender Offer will expire at 5:00p.m. EST, on July 15, 2022, unless extended or earlier terminated (the "Expiration Time").  Subject to the application of the Tender Offer Cap (as defined in the Offer to Purchase) and possible proration, Holders who validly tender (and who do not validly withdraw) their Notes prior to the Expiration Time will be entitled to receive $15.00 for each $25.00 principal amount of the Notes, plus accrued interest.

The Tender Offer is subject to the conditions in the Offer to Purchase and Letter of Transmittal.  Provided that the conditions to the Tender Offer have been satisfied or waived, payment for the Notes purchased in the Tender Offer will be made on or about July 22, 2022.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes.  The Purchaser is making the offer only by the terms of the Offer to Purchase and Letter of Transmittal, copies of which may be obtained from D.F. King & Co., Inc., the tender and information agent for the Tender Offer, at LTSL@dfking.com or (800) 706-3274 or, for banks and brokers, at (212) 269-5550.

 About 745 Capital LLC

745 Capital was incorporated in New York in 2022 and is not affiliated with Ladenburg Thalmann Financial Services Inc.

Forward-Looking Statements

This press release contains forward-looking statements, including those related to the completion of the Tender Offer.  Forward-looking statements involve many risks and uncertainties that could significantly affect anticipated results in the future.  The Purchaser is not under any obligation to update its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Contact: Michael Horthman (212) 232-3233

SOURCE 745 Capital LLC

FAQ

What is the cash tender offer amount for LTSL notes?

The cash tender offer amount is up to $50,000,000 for the 6.50% Senior Notes due 2027.

When is the expiration date for the LTSL tender offer?

The expiration date for the tender offer is 5:00 p.m. EST on July 15, 2022.

What is the payment date for the tender offer for LTSL?

Payment for the tendered notes is expected on or about July 22, 2022.

What is the offer price for LTSL notes?

The offer price is $15.00 for each $25.00 principal amount of the notes.