By Lisa Kerner
Charlotte, N.C., Feb. 18 – First NBC Bank Holding Co., the parent bank holding company for First NBC Bank, privately placed $60 million of 10-year 5.75% subordinated notes with certain qualified institutional investors.
Proceeds will be used for general corporate purposes, which may include supporting the continued growth of First NBC’s business, acquisitions and the redemption or repayment of other fixed obligations.
“We've successfully deployed the proceeds of our initial public offering through continued organic growth in our core banking markets and by taking advantage of opportunistic acquisition opportunities to supplement our organic growth,” chairman and chief executive officer Ashton J. Ryan, Jr. said in a press release.
“This offering further diversifies our capital mix, providing us with a source of low-cost capital that is non-dilutive to our common shareholders,” he added.
Interest on the notes is payable semiannually.
Kroll Bond Rating Agency assigned the subordinated note issue an investment grade rating of BBB-.
First NBC has agreed to take steps following the closing of the private placement to provide for the exchange of the privately issued notes for publicly registered notes having substantially the same terms, a news release stated.
Sandler, O'Neill + Partners, LP and Keefe, Bruyette & Woods, Inc. served as the placement agents.
First NBC is based in New Orleans.
| Issuer: | First NBC Bank Holding Co.
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| Issue: | Subordinated notes
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| Amount: | $60 million
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| Coupon: | 5.75%
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| Maturity: | Feb. 18, 2025
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| Rating: | Kroll’s BBB-
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| Distribution: | Private placement
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| Agents: | Sandler, O'Neill + Partners, LP and Keefe, Bruyette & Woods, Inc.
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