By Devika Patel
Knoxville, Tenn., Dec. 30 – Banesco USA settled a $15 million private placement of 5.5% fixed-to-floating rate subordinated notes due 2030, according to a Tuesday press release. Piper Sandler & Co. is the agent.
Interest accrues at 5.5% per year for the first five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 524 basis points.
Proceeds will be used for general corporate purposes, including the support of capital levels and organic growth.
The bank is based in Coral Gables, Fla.
| Issuer: | Banesco USA
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $15 million
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| Maturity: | 2030
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| Coupon: | 5.5% for first five years, then at SOFR plus 524 bps
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| Agent: | Piper Sandler & Co.
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| Announcement date: | Dec. 29
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| Distribution: | Private placement
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