TowneBank Announces Pricing of $250 Million of 4.50% Subordinated Notes
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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US:NASDAQ Investor Relations:
investor.townebank.com
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Source: GlobeNewswire
SUFFOLK, Va., July 12, 2017 (GLOBE NEWSWIRE) -- TowneBank (NASDAQ:TOWN) today announced the pricing of $250 million of its fixed-to-floating rate subordinated notes due 2027 (the “Notes”). The Notes will initially bear interest at a fixed rate of 4.50% per annum, payable semi-annually in arrears, commencing on July 17, 2017, 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 from the offering for general corporate purposes, which may include supporting its growth organically or through strategic acquisitions. Sandler O’Neill + Partners, L.P. acted as sole book-running manager for the Notes offering. The offering will be made only by means of an offering circular. Copies of the
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