Orrick Advises JMP Group on $36 Million Senior Notes Offering and Debt Refinancing


Orrick represented JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, on its issuance of $36 million aggregate principal amount of 6.875% Senior Notes due 2029 (the “Notes”) in an underwritten public offering. The participating underwriters included UBS Investment Bank, Morgan Stanley, JMP Securities and Wedbush Securities.

The offering closed on September 26, 2019, and the Notes began trading on the New York Stock Exchange on September 27, 2019, under the symbol “JMPE.” A portion of the net proceeds from the offering were used to redeem all of the outstanding 8.00% Senior Notes due 2023 of JMP Group LLC’s wholly owned subsidiary, JMP Group Inc., and the satisfaction and discharge of the indenture governing such notes. Orrick previously advised JMP Group on its reorganization as a publicly traded partnership in 2015, on the issuance of JMP Group Inc.’s 7.25% Senior Notes due 2021 in 2014 and on the issuance of JMP Group Inc.’s 7.25% Senior Notes due 2027 in 2017.

The Orrick team that advised JMP Group on the Notes offering was led by capital markets partner Andrew Thorpe and included Kenneth Marx, Kelly Mink, John Narducci and James Larkin.