Cowen Group, Inc. $120.75 Million Convertible Preferred Stock Offering and Capped Call Option Transactions

Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Cowen Group, Inc. of $120.75 million aggregate liquidation preference of 5.625% Series A cumulative perpetual convertible preferred stock. In addition, Davis Polk advised the counterparty to the capped call option transactions with Cowen Group, Inc. in connection with the convertible preferred stock offering. 

Cowen Group, Inc., is a diversified financial services firm formed in 2009. Its Ramius business segment is an alternative investment platform with approximately $12.8 billion of assets under management. Its broker-dealer businesses include research, brokerage and investment banking services to companies and institutional investor clients.  

The Davis Polk capital markets team included partner Joseph A. Hall, counsel Jeffrey S. Ramsay and associates Alice Z. Chen and Dan Gibbons. The Davis Polk equity derivatives team included partner Mark M. Mendez and associates Jonathan Armstrong and Won Lee. Partner Lucy W. Farr provided tax advice. Associates Zachary J. Zweihorn and Mark Sater provided financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.