By Devika Patel
Knoxville, Tenn., Aug. 25 – Shore Bancshares, Inc. settled a $25 million private placement of 5.375% fixed-to-floating rate subordinated notes due Sept. 1, 2030 on Aug. 25, according to an 8-K filed with the Securities and Exchange Commission.
Piper Sandler & Co. was the lead agent, and Janney Montgomery Scott LLC was the co-placement agent.
Interest accrues at 5.375% per year for the first five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 526.5 basis points.
The notes are redeemable at par plus interest after five years.
Proceeds will be used for general corporate purposes and organic growth.
Based in Easton, Md., Shore Bancshares is a financial holding company.
| Issuer: | Shore Bancshares, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $25 million
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| Maturity: | Sept. 1, 2030
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| Coupon: | 5.375% until Sept. 1, 2025, then at SOFR plus 526.5 bps
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| Call: | At par plus interest on or after Sept. 1, 2025
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| Agent: | Piper Sandler & Co. (lead), Janney Montgomery Scott LLC (co-placement agent)
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| Settlement date: | Aug. 25
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| Distribution: | Private placement
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