Malvern places $25 million floaters; Mauna Kea sells €7 million bonds

By Devika Patel

Knoxville, Tenn., Feb. 8 – The private placement market got a boost mid-week from two new offerings: Paoli, Pa., bank holding company Malvern Bancorp, Inc. settled a $25 million private placement of 10-year fixed-to-floating rate subordinated notes (Kroll: BBB-), and Paris-based Mauna Kea Technologies SA said it has arranged a €7 million senior debt financing.

Malvern

Interest on the Malvern notes accrues at 6.125% per year until Feb. 15, 2022. From Feb. 15, 2022 onwards, the notes will bear interest at a floating rate equal to Libor plus 414.5 basis points. The notes are non-callable for five years.

Sandler O’Neill + Partners, LP was the agent for the notes, which were issued at par.

Proceeds will be used for general corporate purposes.

Mauna Kea

Mauna Kea plans to issue its bonds in two parts, with the first €4 million tranche to be issued on Wednesday and the second tranche for the remaining €3 million available in the next year.

The bonds accrue interest at the three-month Euribor plus 850 bps.

The first tranche has a five-year maturity, with interest-only payments for the first 18 months, and the second tranche has a four-year maturity, with interest-only payments for 12 months.

IPF Partners is the agent.

The company specializes in designing, developing and selling medical imaging tools and systems.

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