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Cowen Announces Pricing of $120 Million Senior Notes Offering

Cowen Inc. (NASDAQ:COWN) (the “Company”) announced today that it has
priced its public offering of $120 million of 7.35% senior notes due
2027 (the “Notes”). In connection with the offering, the Company has
granted the underwriters an option for 30 days to purchase up to an
additional $18 million in aggregate principal amount of the Notes. The
Company intends to use the net proceeds of the offering to redeem the
Company’s outstanding 8.25% senior notes due 2021. The remainder of the
net proceeds of the offering would be used for general corporate
purposes. The closing of the offering is expected to occur on December
8, 2017, subject to certain customary conditions.

Morgan Stanley, UBS Securities and Cowen are acting as joint
book-running managers. JMP Securities and Ladenburg Thalmann are serving
as co-managers for the offering.

This offering is being made only by the prospectus supplement and the
accompanying base prospectus related to the offering of the Notes
(collectively, the “prospectus”). The Notes will be issued pursuant to
an effective shelf registration statement previously filed on Form S-3
with the U.S. Securities and Exchange Commission (the “SEC”). The
preliminary prospectus has been, and the final prospectus will be, filed
with the SEC and are and will be available on the SEC’s website at
Copies of the preliminary prospectus, and when available, the final
prospectus may also be obtained by contacting Morgan Stanley & Co. LLC
at 180 Varick Street, New York, New York 10014, Attn: Prospectus
Department, or UBS Securities LLC at 1285 Avenue of the Americas, New
York, New York 10019, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

About Cowen Inc.
Cowen Inc. is a diversified financial
services firm and, together with its consolidated subsidiaries, provides
alternative asset management, investment banking, research, sales and
trading, prime brokerage, global clearing and commission management
through its two business segments: Cowen Investment Management and its
affiliates make up the Company’s alternative investment segment, while
Cowen and Company, a member of FINRA and SIPC, and its affiliates make
up the Company’s broker-dealer segment. Cowen Investment Management
provides alternative asset management solutions to a global client base
and manages a significant portion of Cowen’s proprietary capital. Cowen
and Company and its affiliates offer industry focused investment banking
for growth-oriented companies, domain knowledge-driven research, a sales
and trading platform for institutional investors and a comprehensive
suite of prime brokerage services. Founded in 1918, the firm is
headquartered in New York and has offices worldwide. For additional
information, visit

Cautionary Note Regarding Forward-Looking Statements
press release contains forward-looking statements. Forward-looking
statements provide the Company’s current expectations or forecasts of
future events. Forward-looking statements include statements about the
Company’s expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts.
Forward-looking statements are subject to known and unknown risks and
uncertainties and are based on potentially inaccurate assumptions that
could cause actual results to differ materially from those expected or
implied by the forward-looking statements, including without limitation,
whether or not the Company will offer the Notes or consummate the
offering, the anticipated terms of the Notes and the offering, and the
anticipated use of the proceeds of the offering. The Company’s actual
results could differ materially from those anticipated in
forward-looking statements for many reasons, including the factors
described in the section entitled “Risk Factors” in the preliminary
prospectus relating to the offering of the Notes and the section
entitled “Risk Factors” in the Company’s Annual Report on Form 10-K, as
amended, for the year ended December 31, 2016, as updated by the
Company’s Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2017, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC. The
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are
available at our website at
and at the SEC website at
Unless required by law, the Company undertakes no obligation to publicly
update or revise any forward-looking statement to reflect circumstances
or events after the date of this press release.

Source: Cowen Inc.

Investor Relations:
Stephen Lasota, 212-845-7919
Financial Officer
Nancy Wu, 646-562-1259
Caravello, 646-562-1676
Dan Gagnier, 646-569-5897