TowneBank priced $250M of 4.5% subordinated notes

|About: Towne Bank (TOWN)|By:, SA News Editor

TowneBank (NASDAQ:TOWN) priced $250M of its fixed-to-floating rate subordinated notes due 2027 at at a fixed rate of 4.50% p.a, payable semi-annually in arrears commencing on July 17, 2017 till July 30, 2022, and later payable quarterly in arrears, at an annual floating rate equal to three-month LIBOR plus 2.550%.

Notes will be issued at a price of 100% of the principal amount on the maturity date of July 30, 2027.

Net proceeds will be used for general corporate purposes supporting its growth organically or through strategic acquisitions. 

Sole book-running manager: Sandler O’Neill + Partners, L.P.

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