Hennessy Completes Offering of Unsecured Notes


November 15, 2021

On October 20, 2021, Hennessy Advisors, Inc. announced that it had completed an underwritten public offering of unsecured notes.

Under the terms of the agreement, Hennessy Advisors, Inc. (“Hennessy”) closed an underwritten public offering of 4.875% unsecured notes due 2026 in an aggregate principal amount of $40.25 million, which includes the underwriter’s exercised option of $5.25 million 2026 Notes. Hennessy and the issuance of the 2026 Notes received an investment-grade rating of “A” from Egan-Jones Ratings Company, an independent unaffiliated ratings agency. The offering resulted in net proceeds to Hennessey of approximately $39 million after deducting the underwriting commission and discount. The 2026 Notes are expected to begin training on Nasdaq under the trading symbol HNNAZ within 30 days of the closing. Further details were not disclosed.

Hennessy, based in Novato, California, is an investment adviser specializing in mutual funds and domestic equity. Hennessy has approximately $4.2 billion in assets under management. Oppenheimer & Co. Inc. acted as book-running manager for the offering.

To read the press release: please click here.

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