By Stephanie N. Rotondo
Seattle, Aug. 30 – Sterling National Bank priced a $65 million private add-on to its 5.25% fixed-to-floating rate subordinated notes due April 1, 2026 on Tuesday at par, according to a company news release.
The company initially sold $110 million of the notes on March 29.
The notes bear interest at 5.25% until April 1, 2021 and at Libor plus 393.7 basis points until their maturity or earlier redemption.
The notes are redeemable on or after April 1, 2021.
Proceeds will be used for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.
Sterling National Bank is a Montebello, N.Y.-based principal subsidiary of Sterling Bancorp.
| Issuer: | Sterling National Bank
|
| Securities: | Fixed-to-floating rate subordinated notes
|
| Amount: | $65 million
|
| Maturity: | April 1, 2026
|
| Coupon: | 5.25% until April 1, 2021 and at Libor plus 393.7 bps thereafter
|
| Price: | Par
|
| Call feature: | Callable on or after April 1, 2021
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 2
|
| Original issue: | $110 million priced on March 29, 2016
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