By Angela McDaniels
Tacoma, Wash., Sept. 11 – Brookline Bancorp Inc. priced $75 million of 6% fixed-to-floating-rate subordinated notes due 2029 at par on Thursday, according to a company news release.
The issue was upsized from $50 million.
Sterne, Agee & Leach, Inc. and Sandler O’Neill + Partners LP are the joint bookrunning managers. U.S. Bancorp Investments Inc. is the co-manager.
The interest rate will remain fixed for 10 years and will then float at Libor plus a spread, according to a 424B5 filing with the Securities and Exchange Commission. The spread was not disclosed.
The company can redeem the notes on any interest payment date after 10 years or upon certain events, such as a tax or regulatory capital treatment event, at par.
Proceeds will be used for general corporate purposes, which may include providing capital to support business growth, acquisitions and common stock repurchases.
Brookline is a Boston-based bank holding company.
| Issue: | Brookline Bancorp Inc.
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $75 million
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| Maturity: | Sept. 15, 2029
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| Bookrunners: | Sterne, Agee & Leach, Inc. and Sandler O’Neill + Partners LP
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| Co-manager: | U.S. Bancorp Investments Inc.
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| Coupon: | 6% for 10 years, payable semiannually; beginning Sept. 15, 2024, Libor plus a spread, payable quarterly
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| Price: | Par of $1,000
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| Call option: | At par on or after Sept. 15, 2024 or upon certain events, such as a tax or regulatory capital treatment event
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| Pricing date: | Sept. 11
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