Allen & Overy advised Cowen Group, Inc. with respect to regulatory and structuring issues under the U.S. Investment Company Act of 1940 in connection with Cowen's public offering of USD64 million of 8.25% senior notes due 2021 (the “Notes”), including the Notes issued pursuant to the full exercise of the underwriters' option to purchase up to USD8.25m aggregate principal amount of additional Notes on the same terms and conditions.

Cowen intends to use a portion of the net proceeds of the offering to capitalize a new commercial finance company being formed by Cowen that would structure, underwrite and syndicate a broad range of loans to middle market commercial borrowers. The remainder of the net proceeds of the offering would be used for general corporate purposes. Cowen Group, Inc., is a diversified financial services firm formed in 2009. Its Ramius business segment is an alternative investment platform with approximately USD9.4 billion of assets under management. Its broker-dealer businesses include research, brokerage and investment banking services to companies and institutional investor clients.

The Allen & Overy team included partner Marc Ponchione and associates David Solander and Josh Bachrach of the Washington, D.C. office, all of whom advised on regulatory and structuring issues under the U.S. Investment Company Act of 1940.