By Stephanie N. Rotondo
Seattle, Aug. 10 – Old Line Bancshares Inc. sold $35 million of 5.625% fixed-to-floating rate subordinated notes due 2026 via a Rule 144A offering, the company said in a press release on Wednesday.
The interest rate is fixed until 2021, at which point the rate floats at Libor plus 450.2 basis points.
Proceeds will be used to fund the anticipated purchase of the remaining 37.5% interest in Pointer Ridge Office Investments LLC. The company currently holds a 62.5% interest in that company.
Any remaining funds will be used to pay down debt and for general corporate purposes, including to fund future growth.
Old Line is a Bowie, Md.-based bank.
| Issuer: | Old Line Bancshares Inc.
|
| Securities: | Fixed-to-floating rate subordinated notes
|
| Amount: | $35 million
|
| Maturity: | 2026
|
| Coupon: | Fixed at 5.625% until 2021, then floating at Libor plus 450.2 bps
|
| Price: | Par of $1,000
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 15
|
| Distribution: | Rule 144A
|
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