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Howard sells $25 million fixed-to-floaters; SSQ raises C$150 million
By Devika Patel
Knoxville, Tenn., Dec. 6 – Thursday saw some private placement activity, as Ellicott City, Md.-based bank holding company Howard Bancorp, Inc. issued $25 million of 6% 10-year fixed-to-floating rate subordinated notes through agent Keefe, Bruyette & Woods, Inc and Quebec City-based insurance company SSQ Insurance received a C$150 million loan through Caisse de depot et placement du Quebec.
Howard places notes
Howard Bancorp settled a $25 million private placement of 6% fixed-to-floating rate subordinated notes (Egan: BBB) due Dec. 6, 2028. Keefe, Bruyette & Woods was the agent.
Interest accrues at 6% per year until Dec. 6, 2023. From then onwards, the notes will bear interest at a floating rate equal to the Libor plus 302 basis points.
The notes are redeemable at par on or after Dec. 6, 2023.
Proceeds will be used for general corporate purposes.
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