By Wendy Van Sickle
Columbus, Ohio, March 9 – Amerant Bancorp Inc. sold $30 million of 4.25% fixed-to-floating-rate subordinated notes due March 15, 2032 in a private placement, according to a news release.
Interest will be fixed at 4.25% until March 15, 2027, then will reset quarterly at SOFR plus 251 basis points.
The notes are callable starting March 15, 2027.
The notes are guaranteed by the company’s wholly owned subsidiary, Amerant Florida Bancorp Inc.
Amerant plans to use the proceeds for general corporate purposes.
Piper Sandler & Co. acted as placement agent.
Amerant is a Coral Gables, Fla.-based bank holding company.
| Issuer: | Amerant Bancorp Inc.
|
| Guarantor: | Amerant Florida Bancorp Inc.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $30 million
|
| Maturity: | March 15, 2032
|
| Dividend: | 4.5% until March 15, 2027, then will float at SOFR plus 251 bps
|
| Price: | Par
|
| Call: | In whole or in part after five years at par
|
| Settlement date: | March 9
|
| Distribution: | Private placement
|
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