South Street Securities Funding LLC Closes $87.5 Million of 6.25% Fixed Rate Senior Notes Due 2026
Summary
NEW YORK, Jan. 3, 2022 /PRNewswire/ -- South Street Securities Funding, LLC (SSSF), is pleased to announce the firm has completed a private placement of approximately $90 million of five-year senior unsecured notes. "We are delighted to complete this capital raise with the help of Piper Sandler and AmeriVet, and that it is supported by the Kroll rating," said James Tabacchi, President and Chief Executive Officer of SSSHI. The proceeds of the notes will be used to refinance existing debt and provide expansion capital to SSSFs broker-dealer subsidiary, which carries a BBB rating from Kroll with stable outlook. "Over the last few years, our company has transitioned from net interest margin dependency as a repo dealer to a broader business mix of fee and commission-based revenues," said Karsten Berlage, Chief Financial Officer of SSSHI. South Street Securities Holdings, Inc. operates from its New York, NY headquarters and branch offices in North Carolina, Arkansas and the United Kingdom.