Chicago, July 22 – ENB Financial Corp. privately placed $20 million of 5¾% fixed-to-floating-rate subordinated notes due Sept. 30, 2032 at par, according to an 8-K filing with the Securities and Exchange Commission.
The rate will reset starting July 22, 2027 to SOFR plus 299 basis points.
The notes qualify as tier 2 capital for the bank.
Proceeds will be used for general corporate purposes and to support organic growth initiatives.
Performance Trust Capital Partners, LLC is the placement agent.
The bank holding company is based in Ephrata, Pa.
Issuer: | ENB Financial Corp.
|
Amount: | $20 million
|
Issue: | Fixed-to-floating-rate subordinated notes
|
Maturity: | Sept. 30, 2032
|
Placement agent: | Performance Trust Capital Partners, LLC
|
Coupon: | 5¾% starting rate; resets on July 22, 2027 to SOFR plus 299 bps
|
Price: | Par
|
Yield: | 5¾%
|
Call features: | Non -callable until July 22, 2027, then callable at par on any interest payment date
|
Settlement date: | July 22
|
Distribution: | Private placement
|
Cusips: | 26874LAD3, 26874LAC5
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.