DCOM - Dime Community Bancshares prices $160M in subordinated notes offering

Dime Community Bancshares (NASDAQ:DCOM) priced its offering of $160M of its 5.000% fixed-to-floating rate subordinated notes due 2032. The notes will initially bear interest at 5% annually with interest payable semiannually in arrears, commencing on the issue date, to, but excluding, May 15, 2027. After that date, the interest rate on the notes will reset quarterly to a floating rate per annum equal to a benchmark rate that is expected to be 3-month term SOFR plus 218 basis points, with interest payable quarterly in arrears. The company may redeem the notes, in whole or in part, on and after May 15, 2027, at a price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest. The notes will mature on May 15, 2032 if they are not earlier redeemed. Transaction is expected to close on or about May 6, 2022. Net proceeds to

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Dime Community Bancshares prices $160M in subordinated notes offering