Meta Financial to price $60 million of fixed-to-float subordinated notes due 2026

By Stephanie N. Rotondo

Seattle, Aug. 8 – Meta Financial Group Inc. is offering $60 million of $1,000-par fixed-to-floating rate subordinated notes due 2026 (expected ratings: KBRA: BBB), the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Sandler O’Neill + Partners LP is the bookrunner.

Interest will be fixed and payable semiannually through 2021. After that, the rate will float at Libor plus a spread and will be paid quarterly.

The Sioux Falls, S.D.-based savings and loan holding company can redeem the notes in 2021 at par plus accrued interest.

The new securities will not be listed on any exchange.

Proceeds will be used for general corporate purposes, potential acquisitions and investments in the bank as regulatory capital to support growth.

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