Chicago, March 17 – Endeavor Bancorp, a wholly owned subsidiary of Endeavor Bank, issued $15 million in subordinated 10-year debt in an institutional private placement, according to a press release.
The fixed-to-floating-rate debt starts with a 5% semiannual interest rate. After March 15, 2027, interest will float quarterly at SOFR plus 344 basis points with a 0% SOFR floor.
The debt is redeemable starting March 15, 2027.
Performance Trust Capital Partners, LLC worked as the placement agent.
Breakwater Law Group, LLP served as counsel to Endeavor Bancorp, and Hunton Andrews Kurth LLP served as counsel to Performance Trust Capital Partners, LLC.
Temporarily, proceeds will be retained. However, the borrower is expected to become a holding company for Endeavor Bank. If/when this occurs, funds will be used for general corporate purposes.
The debt is guaranteed by Endeavor Bank.
Endeavor is a local bank that serves San Diego businesses and their owners.
| Issuer: | Endeavor Bancorp
|
| Guarantor: | Endeavor Bank
|
| Amount: | $15 million
|
| Issue: | Fixed-to-floating rate subordinated debt
|
| Maturity: | March 15, 2032
|
| Placement agent: | Performance Trust Capital Partners, LLC
|
| Counsel to issuer: | Breakwater Law Group, LLP
|
| Counsel to bookrunners: | Hunton Andrews Kurth LLP
|
| Coupon: | 5% starting rate; converts to SOFR plus 344 bps after March 15, 2027
|
| Call features: | Starting March 15, 2027
|
| Announcement date: | March 17
|
| Distribution: | Private placement
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