Cowen will be selling a new issue of baby bonds with a maturity date in 2033. This is a bit far out for us personally in terms of maturity dates.
The issue will pay quarterly interest and of course the payment will be a non qualified payment.
Cowen currently has a 7.35% baby bond outstanding (NASDAQ:COWNZ) which is trading right at $25 (it just went ex-dividend). This older issue matures in 2027.