OceanFirst plans to sell $35 million fixed-to-floating notes due 2026

By Devika Patel

Knoxville, Tenn., Sept. 15 – OceanFirst Financial Corp. intends to price $35 million fixed-to-floating rate subordinated notes due 2026 (Kroll: BBB-), according to a 424B5 filed with the Securities and Exchange Commission.

The notes are non-callable for the first five years and may be redeemed at par plus accrued interest after that.

After five years the initial fixed interest rate will reset to Libor-based floating rate.

Sandler O’Neill + Partners LP is the bookrunner and Keefe, Bruyette & Woods is the co-manager.

The Toms River, N.J.-based parent holding company for OceanFirst Bank plans to use the proceeds from this offering for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.