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Published on 10/8/2020 in the Prospect News Private Placement Daily.

New Issue: Hanover Bancorp settles $25 million placement of 5% fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Oct. 8 – Hanover Bancorp, Inc. sold $25 million of 5% fixed-to-floating-rate subordinated notes (Egan: BBB+) due 2030 in a private placement, according to a press release.

The notes bear interest at a fixed rate of 5.75% per year to, but excluding, Oct. 15, 2025.

From and including Oct. 15, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to SOFR plus 487.4 bps.

Stephens Inc. was the lead placement agent, with PNC Financial Services Group, Inc. as co-placement agent.

Proceeds will be used for acquisition financing, to refinance an existing holding company note and for general corporate purposes.

The holding company for Hanover Bank is based in Mineola, N.Y.

Issuer:Hanover Bancorp, Inc.
Issue:Fixed-to-floating subordinated notes
Amount:$25 million
Maturity:2030
Coupon:5% up to Oct. 15, 2025; then SOFR plus 487.4 bps
Call:On any interest payment date on or after Oct. 30, 2024
Placement agent:Stephens Inc. (lead), PNC Financial Services Group, Inc. (co-placement agent)
Announcement date:Oct. 8
Ratings:Egan: BBB+
Distribution:Private placement

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