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CBNK - Capital Bancorp raises $10M in subordinated notes offering
Capital Bancorp Inc.
Capital Bancorp (CBNK) issues $10M subordinated notes in private placement to institutional investors. The notes have a maturity date of Nov. 30, 2030 and will bear fixed interest at 5.00% for the first 5-year and thereafter, will be the be reset quarterly to an interest rate p.a. equal to a benchmark rate plus 490 bps.The bank has used the proceeds to retire $13.5M of 6.95% subordinated debt issued in 2015 and due Dec. 1, 2025.