Lumos places $150 million notes; Cabela’s places $250 million; Bryn Mawr sells $30 million

By Lisa Kerner

Charlotte, N.C., Aug. 6 – Lumos Networks Corp. settled a $150 million private placement of 8% notes due Aug. 15, 2022 with Lumos Debt Holdings, LP.

Interest is payable in cash or in kind, and Lumos may prepay the notes at 108, according to an 8-K filing with the Securities and Exchange Commission.

Lumos Debt also received warrants for 5.5 million shares, each exercisable at $13.99 until Aug. 6, 2022.

Proceeds will be used to pay off a portion of the company’s credit facility and for general corporate purposes.

Cabela’s Inc. issued $250 million of senior notes to accredited investors including $100 million of five-year 3.23% notes, $122 million of seven-year 3.7% notes and $28 million of 10-year 4.01% notes.

Proceeds will be used for general corporate purposes and to repay existing $215 million of notes due Feb. 27, 2016.

Bryn Mawr Bank Corp. placed $30 million of 4.75% fixed-to-floating-rate subordinated notes due Aug. 15, 2025 to certain institutional accredited investors.

The notes are non-callable for five years and will bear interest at a fixed rate of 4.75% until Aug. 14, 2020. Thereafter, they will bear interest at Libor plus 306.8 basis points.

Proceeds will be used for general corporate purposes including share repurchases and funding of the termination of the corporation’s pension plan.

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