By Aleesia Forni
New York, March 10 – EverBank Financial Corp. priced a $90 million issue of 6% fixed-to-floating rate subordinated notes due March 15, 2026 at par, according to an FWP filing with the Securities and Exchange Commission.
The notes (Kroll: BBB) will carry a fixed rate of 6% until March 14, 2021 and will then bear interest at a floating-rate equal to Libor plus 470.4 basis points.
The notes are callable beginning March 15, 2021.
Bookrunners are Incapital LLC and U.S. Bancorp Investments Inc.
Proceeds will be used for general corporate purposes.
Jacksonville, Fla.-based EverBank Financial, through its wholly owned subsidiary EverBank, provides financial products and services.
| Issuer: | EverBank Financial Corp.
|
| Amount: | $90 million
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | March 15, 2026
|
| Bookrunners: | Incapital LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 6% until March 14, 2021, then at a floating-rate equal to Libor plus 470.4 bps
|
| Price: | Par
|
| Yield: | 6%
|
| Call features: | Beginning March 15, 2021 in whole or in part and in whole within 90 days if a change in law occurs that could prevent the company from deducting interest for tax purposes, an event occurs that keeps the notes from being recognized as Tier 2 capital, or the company is required to register as an investment company under the Investment Company Act of 1940
|
| Trade date: | March 9
|
| Settlement date: | March 14
|
| Rating: | Kroll: BBB
|
| Distribution: | SEC registered
|
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