By Angela McDaniels
Tacoma, Wash., Sept. 15 – Bridge Bancorp Inc. priced $80 million of fixed-to-floating-rate subordinated debentures (Kroll: BBB-) in two tranches, according to a company news release.
The company priced $40 million of debentures due 2025, which are non-callable for five years. Initially, the interest rate is 5.25%, payable semiannually. After five years, the interest rate will be Libor plus 360 basis points, payable quarterly.
The other tranche, $40 million of debentures due 2030, are non-callable for 10 years and have a 5.75% initial rate. After 10 years, the interest rate will be Libor plus 345 bps.
Sandler O’Neill + Partners LP is the bookrunner, and Keefe, Bruyette & Woods is the co-manager.
The company plans to use proceeds for general corporate purposes, potential strategic acquisitions and investments in its subsidiary, Bridgehampton National Bank, as regulatory capital.
Bridge Bancorp is a Bridgehampton, N.Y., bank holding company.
| Issuer: | Bridge Bancorp Inc.
|
| Issue: | Fixed-to-floating-rate subordinated debentures
|
| Amount: | $80 million
|
| Bookrunner: | Sandler O’Neill + Partners LP
|
| Co-manager: | Keefe, Bruyette & Woods
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 21
|
| Rating: | Kroll: BBB-
|
|
|
| 10-year notes
|
| Amount: | $40 million
|
| Maturity: | Sept. 30, 2025
|
| Coupon: | 5.25%, payable semiannually; after five years, Libor plus 360 bps, payable quarterly
|
| Price: | Par
|
| Call option: | After five years
|
|
|
| 15-year notes
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| Amount: | $40 million
|
| Maturity: | Sept. 30, 2030
|
| Coupon: | 5.75%, payable semiannually; after five years, Libor plus 345 bps, payable quarterly
|
| Price: | Par
|
| Call option: | After 10 years
|
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