Metropolitan Bank sells $25 million fixed-to-floaters; Huhtamaki eyes €150 million equivalent

By Devika Patel

Knoxville, Tenn., April 25 – Prospect News reported two new private placements on Tuesday: New York-based community-focused bank Metropolitan Bank Holding Corp. said that it has settled a $25 million private placement of fixed-to-floating subordinated notes (Kroll: BBB) that was oversubscribed by $5 million, and Espoo, Finland, manufacturer of consumer and specialty packaging Huhtamaki Oyj has agreed to issue a €150 million equivalent Schuldschein with fixed and floating rates.

Metropolitan Bank

Sandler O’Neill + Partners, LP was the agent for Metropolitan Bank’s notes.

Proceeds will be used for investment in Metropolitan Commercial Bank to support regulatory capital and loan growth and for other general corporate purposes.

Huhtamaki

In the Huhtamaki deal, the financing includes tranches with maturities of five, seven and 10 years, according to a news release.

The financing will be split into €117 million and $35 million amounts.

Proceeds will be used for refinancing and general corporate purposes.

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