By Lisa Kerner
Charlotte, N.C., May 8 – Avenue Financial Holdings, Inc. registered for public trading $20 million of fixed/floating-rate subordinated notes due 2024, according to an S-1 filing with the Securities and Exchange Commission.
From Dec. 29, the date of issuance, up to but excluding Jan. 1, 2020, interest on the notes is payable at a rate of 6¾% per annum.
From and including Jan. 1, 2020, the notes will bear interest at a rate equal to Libor plus 495 basis points.
Interest on the notes is payable quarterly.
Beginning Jan. 1, 2020, the notes are callable at par on any interest payment date.
The company will not receive any proceeds from the sale, as the notes are being offered by certain selling securityholders and not by the company, the filing said.
Avenue Financial is the bank holding company for Avenue Bank based in Nashville.
| Issuer: | Avenue Financial Holdings, Inc.
|
| Issue: | Fixed/floating-rate subordinated notes
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| Amount: | $20 million
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| Coupon: | 6¾% until Jan. 1, 2020, then Libor plus 495 bps; payable quarterly
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| Maturity: | Dec. 29, 2024
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| Call option: | At par on any interest payment date from Jan. 1, 2020 onward
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| Settlement date: | Dec. 29
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| Distribution: | Private placement
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