HilltopSecurities Senior Secured Commercial Paper Notes Series 2019-1

HilltopSecurities Senior Secured Commercial Paper Notes/Investors
The Series 2019-1 Commercial Paper is not rated and has not been registered under the Securities Exchange Act of 1933. Maturity is from 14 days to 270 days from the date of issue. The indenture trustee issuing & paying agent/ securities intermediary is the Bank of New York Mellon. Investors must be (A) a qualified institutional buyer (“QIB”) or (B) an accredited investor. HilltopSecurities is a broker-dealer and its sales representatives will market the Series 2019-1 CP Notes directly to prospective investors on its behalf.

Resale/Transfer
Resales of the Series 2019-1 Commercial Paper may be made only in compliance with Rule 144A to QIBs (within the meaning of Rule 144A under the Act) and investors will be required to represent that they will not resell the Series 2019-1 Commercial Paper to any persons who are not QIBs. The securities are intended to be held until maturity. There is no currently known secondary market for these securities. Should secondary markets become available, investors may receive less that the purchase price for liquidations executed in those markets.

RedemptionThe Series 2019-1 Commercial Paper is not redeemable prior to maturity or subject to voluntary prepayment. Requests for full or partial redemption may be accommodated at HilltopSecurities’ sole discretion.

Secured Collateral
The Series 2019-1 Commercial Paper will be secured by a pledge of Eligible Collateral owned by HilltopSecurities pursuant to the Control Agreement. The Eligible Collateral will be maintained by The Bank of New York Mellon, as Securities Intermediary, in a Control Account, held for the benefit of the Indenture Trustee, as Secured Party, on behalf of the Series 2019-1 Noteholders. Eligible Collateral includes, Municipal Bonds, Corporates, Medium Term Notes, U.S. Treasuries, Money Markets, Agency Debentures, GNMA, Agency Mortgage Backs, or Agency REMICs/CMOs.

Creditworthiness of HilltopSecurities
HilltopSecurities relies on its equity capital, short-term bank borrowings, interest-bearing and non-interestbearing client credit balances, correspondent deposits, securities lending arrangements, repurchase agreement financings and other payables to finance its assets and operations, subject to its respective compliance with broker-dealer net capital and customer protection rules.

Risks of Commercial Paper Investing
These types of products are structured products and are subject to the possibility of default by the issuer. The financial condition and credit worthiness of the issuer are important considerations when assessing the ability of the issuer to meet its obligations according to the terms in the offering statement. If the issuer defaults or declares bankruptcy, the investor may lose all or some of the investment. The Series 2019-1 Commercial Paper is not FDIC nor SIPC insured. HilltopSecurities issued Commercial Paper should only be considered appropriate for sophisticated investors with the financial acumen to fully understand the investment and its underlying components.

Please read the offering statement for more detailed information

All investments carry a certain degree of risk. Investors should consider the fees, risks, tax treatment, and expenses in the offering statement prior to investing. Consult your tax advisor for more details on your specific situation as HilltopSecurities, a registered broker-dealer and registered investment adviser does not provide tax or legal advice.


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