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Level One settles $30 million notes; Bromford to raise £50 million
By Devika Patel
Knoxville, Tenn., Dec. 19 – Thursday brought some activity to the private placement market, with two deals announced.
Farmington Hills, Mich.-based Level One Bancorp, Inc., a bank holding company, reported that it sold $30 million of 4.75% fixed-to-floaters due 2029, and Wolverhampton, England-based housing specialist Bromford Housing Group Ltd. said it plans to issue of 2.554% secured bonds due 2054.
Level One taps market
Level One said it has completed a $30 million private placement of 4.75% fixed-to-floating rate subordinated notes due Dec. 18, 2029. Performance Trust Capital Partners, LLC was the agent.
Interest accrues at 4.75% per year until Dec. 18, 2024. From Dec. 18, 2024 onwards, the notes will bear interest at a floating rate.
Proceeds will be used for general corporate purposes, including partially funding the pending acquisition of Ann Arbor State Bank.
Bromford places £50 million
Bromford Housing said it will raise £50 million in a private placement.
The company is selling 2.554% secured bonds due 2054.
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