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Taylor Capital unit to prepay all outstanding 10% subordinated notes
Prepayment includes $60 million principal amount plus accrued interest
By Marisa Wong
Madison, Wis., Sept. 26 - Taylor Capital Group, Inc.'s wholly owned subsidiary, Cole Taylor Bank, notified holders of its 10% subordinated notes that it plans to prepay in full the outstanding $60 million principal amount plus accrued interest to Sept. 30.
The prepayment amount is expected to total $60.27 million, according to an 8-K filing with the Securities and Exchange Commission.
Payment will be sent to holders on Sept. 28.
The prepayment will result in a non-recurring, non-cash charge of about $3.7 million associated with the unamortized discount and original issuance costs of the notes, which were scheduled to mature on Sept. 29, 2016.
Cole Taylor will fund the transaction with its available liquidity sources.
The Rosemont, Ill.-based bank issued the 10% notes through a private placement on Sept. 29, 2008.
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