By Devika Patel
Knoxville, Tenn., Feb. 13 – Eagle Bancorp Montana, Inc. completed a private placement of $10 million of five-year 5.75% senior unsecured notes on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The notes received a rating of A- from Egan-Jones Rating Co.
Brean Capital, LLC was the placement agent.
Interest will be payable semiannually. The notes may not be called.
Proceeds from this placement will be used for general corporate purposes.
“This growth capital gives us an opportunity to continue to build out our business plan of strong organic growth and meet the growing demand from our customers and communities,” president and chief executive officer Peter J. Johnson said in a press release.
“Senior unsecured notes are a cost-effective way to provide funding for our subsidiary bank. We are also very pleased to have obtained a strong rating from Egan-Jones,” he said.
Eagle is a bank holding company based in Helena, Mont.
| Issuer: | Eagle Bancorp Montana, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $10 million
|
| Maturity: | Feb. 15, 2022
|
| Agent: | Brean Capital, LLC
|
| Coupon: | 5.75%
|
| Call feature: | Non-callable
|
| Settlement date: | Feb. 13
|
| Distribution: | Private placement
|
| Rating: | Egan-Jones: A-
|
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