By Lisa Kerner
Charlotte, N.C., March 18 – NexBank Capital, Inc. privately placed $50 million of fixed-to-floating rate senior notes due March 16, 2026.
The notes bear interest at a fixed rate of 5.5% for five years, and thereafter at a floating rate of Libor plus 435.5 basis points.
Proceeds will be used to repay debt.
Sandler O’Neill & Partners, LP acted as the sole placement agent. The notes were sold to institutional and high net worth individual investors.
The notes are noncallable for five years and have been assigned an investment grade rating of BBB- with a positive outlook by Kroll Bond Rating Agency.
NexBank Capital is a Dallas-based financial services company.
| Issuer: | NexBank Capital, Inc.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Coupon: | 5.5% for five years; Libor plus 435.5 basis points
|
| Maturity: | March 16, 2026
|
| Distribution: | Private placement
|
| Agent: | Sandler O’Neill & Partners, LP
|
| Rating: | Kroll: BBB-
|
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