By Cristal Cody
Tupelo, Miss., June 8 – Dime Community Bancshares Inc. priced $115 million of 4.5% 10-year fixed-to-floating rate subordinated notes (//BBB-) at par on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes will convert to a floating rate of Libor plus 266 basis points beginning June 15, 2022 through maturity.
Sandler O’Neill + Partners, LP was the bookrunner.
Proceeds will be used to redeem $70.7 million of 7% series B trust preferred securities due April 14, 2034 and for general corporate purposes, including the payment of dividends and to fund strategic growth opportunities.
Dime Community Bancshares is a holding company for Brooklyn-based Dime Community Bank.
| Issuer: | Dime Community Bancshares Inc.
|
| Amount: | $115 million
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | June 15, 2027
|
| Bookrunner: | Sandler O’Neill + Partners, LP
|
| Co-manager: | Piper Jaffray & Co.
|
| Coupon: | 4.5%; converts to floating rate from and including June 15, 2022 through maturity at Libor plus 266 bps
|
| Price: | Par
|
| Yield: | 4.5%
|
| Call feature: | June 15, 2022 and on any interest payment date thereafter at par
|
| Trade date: | June 8
|
| Settlement date: | June 13
|
| Rating: | Fitch: BBB-
|
| Distribution: | SEC Registered
|
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