TOWN - TowneBank prices $250M of subordinated notes offering

TowneBank (NASDAQ:TOWN) priced its offering of $250M of 3.125% fixed-to-floating rate subordinated notes due 2032. 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. Net proceeds will be used for general corporate purposes, including, notes redemption, financing organic growth or strategic acquisitions, share repurchase, and ongoing working capital needs. Closing date is February 9, 2022.

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TowneBank prices $250M of subordinated notes offering