VRRKF - VersaBank prices $75M in fixed to floating rate subordinated notes due 2031

VersaBank ([[VRRKF]]) priced its $75M principal amount of 5.00% fixed to floating rate subordinated notes due 2031 in a private offering.In Canada, the notes are to be offered and sold on a private placement basis in certain provinces.Sale of the notes to the initial purchasers is expected to settle on Apr. 30, 2021.Notes will pay interest semi-annually in arrears, commencing Nov.1, 2021 at a fixed rate of 5% annually until May 1, 2026.The notes will mature on May 1, 2031.Net proceeds estimated to be ~$73.9M; to be used for general corporate purposes.

For further details see:

VersaBank prices $75M in fixed to floating rate subordinated notes due 2031