By Mary-Katherine Stinson
Lexington, Ky., April 11 – LinkBancorp, Inc. closed a $20 million private placement of fixed-to-floating-rate subordinated notes due April 15, 2032, according to a news release.
The notes will bear interest at a fixed rate of 4.5% until April 15, 2027.
From April 15, 2027, the interest rate will reset quarterly to SOFR plus a spread of 203 basis points.
The notes are redeemable on or after April 15, 2027 or at any time upon the occurrence of certain events.
The notes have been structured to qualify as tier 2 capital for regulatory capital purposes.
LinkBancorp intends to use a significant portion of the proceeds for additional capital to support continued growth opportunities.
LinkBancorp is a Camp Hill, Pa., holding company and parent company of Gratz Bank.
| Issuer: | LinkBancorp, Inc.
|
| Amount: | $20 million
|
| Issue: | Tier 2 fixed-to-floating-rate subordinated notes
|
| Maturity: | April 15, 2032
|
| Coupon: | 4.5% until April 15, 2027; resets quarterly to SOFR plus 203 bps
|
| Call features: | Starting April 15, 2027
|
| Announcement date: | April 11
|
| 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.
