Trade Alerts

Towne Bank Prices $250 Mln 4.5% Subordinated Notes

July 12, 2017
Comments off
14 Views
Shutterstock photo

Towne Bank ( TOWN ), a community bank in Virginia and North Carolina, said after market close on Wednesday that it has priced $250 million of its fixed-to-floating rate subordinated notes due 2027.

The notes will initially bear interest at a fixed rate of 4.50% per annum, payable semi-annually in arrears, starting July 17, to, but excluding, July 30, 2022, and, thereafter, payable quarterly in arrears, at an annual floating rate equal to three-month Libor as determined for the applicable quarterly period, plus 2.550%.

The notes will mature on July 30, 2027.

The notes will be issued at a price of 100% of the principal amount thereof.

TowneBank expects to use the net proceeds for general corporate purposes, which may include supporting its growth organically or through strategic acquisitions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


Let’s block ads! (Why?)

Comments are closed.