By Cristal Cody
Eureka Springs, Ark., Sept. 27 – Lakeland Bancorp, Inc. priced an upsized $75 million of 5.125% fixed-to-floating rate subordinated notes due 2026 (Kroll: BBB-) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Keefe, Bruyette & Woods was the bookrunner.
The deal was upsized from $60 million.
The rate on the notes due Sept. 30, 2026 will reset Sept. 30, 2021 at an annual floating rate equal to Libor plus 397 basis points.
The Oak Ridge, N.J.-based bank holding company plans to use the proceeds for general corporate purposes and investment in Lakeland Bank as regulatory capital.
| Issuer: | Lakeland Bancorp, Inc.
|
| Amount: | $75 million
|
| Description: | Subordinated notes
|
| Maturity: | Sept. 30, 2026
|
| Bookrunner: | Keefe, Bruyette & Woods
|
| Co-manager: | Sandler O’Neill + Partners LP
|
| Coupon: | 5.125%; resets Sept. 30, 2021 at annual floating rate equal to Libor plus 397 bps
|
| Price: | Par
|
| Yield: | 5.125%
|
| Call feature: | Beginning with Sept. 30, 2021 interest payment date and on any scheduled interest payment date thereafter at par
|
| Trade date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Rating: | Kroll: BBB-
|
| Distribution: | SEC registered
|
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