Park National prepays $35.25 million 10% subordinated notes due 2019

By Susanna Moon

Chicago, Dec. 30 – Park National Corp. prepaid its $35.25 million outstanding principal amount of 10% subordinated notes due Dec. 23, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The company also paid accrued interest in the aggregate amount of $802,917.

The notes were issued on Dec. 23, 2009 to 38 purchasers, all of whom were accredited investors.

The earliest repayment date allowable under terms of the notes was Dec. 24.

Under the terms, the notes could be prepaid by Park without payment of any make-whole amount or any similar payment or premium.

The notes were intended to qualify as tier 2 capital under the board of governors of the Federal Reserve System, the filing noted.

Park National is a bank holding company based in Newark, Ohio.

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