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
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
