TOWN - TowneBank prices $250M debt offering

TowneBank (NASDAQ:TOWN) has priced its offering of $250M of its 3.125% fixed-to-floating rate subordinated notes due 2032. The notes will initially bear interest at 3.125% p.a., with interest payable semiannually in arrears, commencing on the issue date. Commencing February 15, 2027, 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 Three-Month Term SOFR plus 168 basis points, with interest payable quarterly in arrears. The company may redeem the notes, in whole or in part, on and after February 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 February 15, 2032 if they are not earlier redeemed. Offering expected to close on or about February 9, 2022. Net proceeds of this offering will be used for general

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TowneBank prices $250M debt offering