More On Legal & Compliance
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- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
Raymond James Financial, Inc. recently announced the pricing of a registered underwritten public offering of $300 million in aggregate principal amount of 8.60% senior notes due 2019 at a public offering price of 99.983% of principal amount. Raymond James says it will pay interest on the notes semi-annually on February 15 and August 15 beginning on February 15, 2010. Raymond James says that "the net proceeds of the offering are expected to fund capital contribution(s) to Raymond James Bank and to fund future growth of Raymond James's domestic broker/dealer subsidiaries as well as be employed as working capital."
According to the release announcing the offering, J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. acted as joint bookrunners for the offering; Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. acted as co-managers.
Raymond James Financial, Inc., also announced recently a 39% decrease from the prior year's quarterly net income to $42.5 million, or $0.36 per diluted share, for the third quarter ended June 30, 2009. In comparison, the firm says it earned $69.9 million, or $0.59 per diluted share, for the third quarter of fiscal year 2008.
"Net revenues decreased 16% to $624.79 million, while gross revenues decreased 22% to $632.25 million," Raymond James said in commentary about the earnings report. "Comparisons with the immediately preceding quarter were far more favorable, as net income was up 600% on a 6% increase in net revenues."
