By Lisa Kerner
Charlotte, N.C., Nov. 17 – Independent Bank Corp. issued $35 million of 10-year fixed-to-floating rate subordinated notes in a private placement transaction to institutional accredited investors on Monday.
Proceeds will be used for general corporate purposes, which may include acquisitions and debt repayment, according to a form 8-K filed with the Securities and Exchange Commission.
The notes bear interest at a rate of 4.75% per annum, from and including Nov. 17, 2014 to, but excluding, Nov. 15, 2019 or any early redemption date, payable semiannually in arrears.
From and including Nov. 15, 2019 to the maturity date or any early redemption date, the interest rate on the notes will be reset quarterly to an interest rate per annum equal to Libor plus 298 basis points, payable quarterly in arrears.
Interest on the notes is payable on May 15 and Nov. 15 of each year through Nov. 15, 2019 or early redemption date, and thereafter on Feb. 15, May 15, Aug. 15, and Nov. 15 of each year through the maturity date or early redemption date.
The first interest payment will be made on May 15, 2015.
U.S. Bank NA, as the issuing and paying agent
McKinney, Texas-based Independent Bank Group is the holding company for Independent Bank.
| Issuer: | Independent Bank Corp.
|
| Issue: | Subordinated notes
|
| Amount: | $35 million
|
| Coupon: | 4.74% fixed-to-floating rate; beginning Nov. 15, 2019, resets to Libor plus 298 bps
|
| Maturity: | Nov. 15, 2024
|
| Distribution: | Private placement
|
| Settlement date: | Nov. 17
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