By Stephanie N. Rotondo
Phoenix, July 31 – Eagle Bancorp Inc. priced $70 million of 5.75% subordinated notes due Sept. 1, 2024 on Thursday, according to a news release.
Sandler O’Neill + Partners LP is the bookrunner.
Interest will be payable on the first day of March and September, beginning March 1, 2015. The company can redeem the notes in the event of a tax law change, a regulatory capital treatment change or if the company is required to register as an investment company.
The redemption price is par plus accrued interest.
The notes will not be listed on any exchange.
Proceeds will be used to fund the cash consideration portion of the company’s merger with Virginia Heritage and for general corporate purposes. If the merger does not go through, the company will use the funds to redeem its 8.5% subordinated notes due 2021 and its series B noncumulative preferred stock issued to the U.S. Department of the Treasury.
Eagle Bancorp is a Bethesda, Md.-based bank holding company.
| Issuer: | Eagle Bancorp Inc.
|
| Securities: | Subordinated notes
|
| Amount: | $70 million
|
| Maturity: | Sept. 1, 2024
|
| Bookrunner: | Sandler O’Neill + Partners LP
|
| Coupon: | 5.75%
|
| Price: | Par of $25
|
| Redemption options: | In the event of a tax law change, a regulatory capital treatment event or if the company has to register as an investment company
|
| Pricing date: | July 31
|
© 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.
