First Community Financial redeems $14.1 million of subordinated debt

Company expects to save $882,000 in annual interest expense

By Angela McDaniels

Tacoma, Wash., July 2 – First Community Financial Partners, Inc. redeemed all of its $4.1 million of 8% series A convertible subordinated debt and $10 million of 9% subordinated debt on June 30.

The company used the proceeds from a $4 million revolving line of credit and a $10.1 million term loan to fund the redemption, according to a company news release.

The credit facilities have an annual interest rate of Libor plus 243.6 basis points.

Based on the current interest rate on the credit facilities, the company expects to realize a savings of $882,000 in annual interest expense.

First Community Financial Partners, based in Joliet, Ill., is the bank holding company for First Community Financial Bank.

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