By Lisa Kerner
Charlotte, N.C., May 29 – Fidelity Southern Corp. subsidiary Fidelity Bank issued $75 million of subordinated notes due May 31, 2030.
The notes will bear a fixed interest rate of 5.875% per year up to but excluding June 1, 2025, according to a company news release.
From and including June 1, 2025 to the maturity date, the interest rate will be a floating rate equal to Libor plus 363 basis points.
The notes were priced at par and are callable at par in whole or in part on June 1, 2025 or any interest payment date thereafter.
Proceeds will be used for general corporate purposes, including potential acquisitions.
The notes were rated BBB by Kroll Bond Rating Agency.
Keefe, Bruyette & Woods, Inc. was the lead placement agent. FIG Partners LLC was co-placement agent.
Atlanta-based Fidelity Southern provides banking and trust and wealth management services and credit-related insurance products.
Issuer: | Fidelity Bank
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Issue: | Subordinated notes
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Amount: | $75 million
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Coupon: | 5.875% to but excluding June 1, 2025, then Libor plus 363 bps
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Maturity: | May 31, 2030
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Agents: | Keefe, Bruyette & Woods, Inc. (lead), FIG Partners LLC
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Settlement date: | May 29
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Distribution: | Private placement
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Rating: | Kroll: BBB
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