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Brookline Bancorp to price $50 million of $25-par fixed-to-floating subordinated notes due 2029
By Stephanie N. Rotondo
Phoenix, Sept. 11 – Brookline Bancorp Inc. plans to sell $50 million of $25-par fixed-to-floating rate subordinated notes due Sept. 15, 2029, according to a prospectus filed with the Securities and Exchange Commission on Thursday.
Sterne Agee & Leach Inc. and Sandler O’Neill + Partners LP are the joint bookrunning managers. U.S. Bancorp Investments Inc. is a co-manager.
The interest rate will remain fixed until Sept. 15, 2024. While fixed, interest will be payable on a semiannual basis. Beginning Sept. 15, 2024, the rate will begin to float at Libor plus a spread and will be payable quarterly.
The company can call the notes on or after Sept. 15, 2024 or upon certain events, such as a tax or regulatory capital treatment event, at par plus accrued interest.
Proceeds will be used for general corporate purposes, which may include providing capital to support business growth, acquisitions and common stock repurchases.
Brookline is a Boston-based bank holding company.
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