New York, May 31 – Citizens Community Bancorp, Inc. placed $15 million of 6.75% fixed-to-floating rate subordinated notes due 2027 with EJF Debt Opportunities Master Fund, LP, according to an 8-K filing with the Securities and Exchange Commission.
Interest is fixed at 6.75% for the first five years and then floats at Libor plus 490 basis points.
The notes will be callable after five years.
The agreement was signed on May 30, and funding is expected between July 1 and July 31.
Citizens expects the notes to qualify as tier 2 capital.
Citizens is an Eau Claire, Wis., full-service bank.
| Issuer: | Citizens Community Bancorp, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $15 million
|
| Maturity: | 2027
|
| Coupon: | 6.75% for first five years, then floating at Libor plus 490 bps
|
| Price: | Par
|
| Call: | After five years at par
|
| Pricing date: | May 30
|
| Settlement date: | Between July 1 and July 31
|
| Investor: | EJF Debt Opportunities Master Fund, LP
|
| Distribution: | Private placement
|
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