Bank Reports An Increase Of Its Notes Offering Size

Recently, NexBank announced that it had marked up its senior unsecured notes by $25 million to $75 million. On March 18, 2016, the company announced the offering size of $50 million.
From proceeds of the private placement, the company will have adequate growth capital to expand its banking subsidiary and be used for other purposes. The sole placement agent, Sandler O’Neil & Partners, L.P. played an instrumental role in offering the notes. The notes are set to mature on March 16, 2026. For five years, they will be non-callable. The notes will have a fixed interest rate of 5.5% for 5 years. Thereafter, they will have a floating rate, which shall be based on a spread in addition to the three-month LIBOR of 435.5 basis points. Recently, Kroll Bond Rating Agency upgraded the notes’ investment grade from BBB- to BBB with a positive outlook.
John Holt asserted that the recent upgrade of NexBank’s notes offering by Kroll reflected the support from the financial community regarding its continued growth and strength. John is the CEO and president of NexBank Capital. Matt Siekielski posited that the stakeholders were pleased with the increasing demand from the investors that allowed the company to increase the offering. He continued to say that the debt placement enhanced the financial entity’s capital bringing it to a total of $100 million in equity and debt in the last six months. Matt is the chief operating officer and executive president of NexBank Capital.
Under the Securities Act, the senior unsecured notes are not registered and cannot be sold in the United States without registration or exemption. This information was originally mentioned on PRNewswire.
About NexBank
This financial services company provides three core services to its clients. They are investment banking, commercial banking and mortgage banking. Its customers include corporations, institutions clients, leading financial institutions and individuals. The mission of NexBank is to deliver uncommon value in every opportunity, through commitment to the clients and transformative leadership. NexBank’s charter dates back to 1922. Its services are tailor made to the specialized and complex needs of the clients. This information was originally reported NexBank’s website as explained in the following link https://www.nexbank.com/about-nexbank-capital.htm

Jasper Palmer

Jasper Palmer wrote 63 posts

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