By Stephanie N. Rotondo
Phoenix, July 25 - Customers Bancorp Inc. is selling $55 million of 6.375% $25-par senior notes due July 31, 2018, according to an FWP filed with the Securities and Exchange Commission on Thursday.
The deal was upsized from $25 million.
Janney Montgomery Scott LLC and Boenning & Scattergood Inc. are the joint bookrunning managers.
Interest will be payable on the 15th day of March, June, September and December, beginning Sept. 15. The notes are not callable.
The Wyomissing, Pa.-based company has applied to list the notes on the Nasdaq Global Select Market.
Proceeds will be used to invest in Customers Bank, to fund organic growth and for working capital and general corporate purposes, including acquisitions.
| Issuer: | Customers Bancorp Inc.
|
| Securities: | Senior notes
|
| Amount: | $55 million, upsized from $25 million
|
| Greenshoe: | $8.25 million
|
| Maturity: | July 31, 2018
|
| Bookrunners: | Janney Montgomery Scott LLC and Boenning & Scattergood Inc.
|
| Co-manager: | MLV & Co. LLC
|
| Coupon: | 6.375%
|
| Price: | Par of $25
|
| Yield: | 6.375%
|
| Call options: | Non-callable
|
| Pricing date: | July 24
|
| Settlement date: | July 30
|
| Distribution: | SEC registered
|
| Cusip: | 23204G308
|
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