12/11/2017 | 08:14am EST
NEW YORK--(BUSINESS WIRE)--Dec. 11, 2017-- Cowen Inc. (NASDAQ:COWN) (the 'Company') announced today that it is redeeming the currently outstanding $63.25 million principal amount of its 8.25% senior notes due 2021 (the '2021 Notes') on January 8, 2018 (the 'Redemption Date'), following which the 2021 Notes will be delisted from NASDAQ. The redemption is being made pursuant to the terms of the 2021 Notes and the indenture governing the 2021 Notes. The redemption price for the 2021 Notes will be equal to 106.188% of the principal amount of the 2021 Notes plus accrued and unpaid interest to, but excluding, the Redemption Date, which accrued interest will be payable to the holders of record of the 2021 Notes as of January 1, 2018. Interest on the 2021 Notes will cease to accrue on and after the Redemption Date. The Company will use a portion the proceeds of its previously announced public offering of $120 million of 7.35% senior notes due 2027, which closed December 8, 2017, to redeem the 2021 Notes.