By Devika Patel
Knoxville, Tenn., July 8 – NexBank Capital, Inc. said it sold $62 million of 6% fixed-to-floating subordinated notes due July 15, 2032 in a private placement.
The notes bear interest at a fixed rate of 6% per year for the first five years. Then, the interest rate will reset quarterly to a level equal to SOFR plus 299 basis points.
Proceeds will be used for general corporate purposes and to repurchase debt.
NexBank Capital is a Dallas-based financial services company.
| Issuer: | NexBank Capital, Inc.
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| Issue: | Fixed-to-floating subordinated notes
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| Amount: | $62 million
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| Maturity: | July 15, 2032
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| Coupon: | 6% for first five years; then SOFR plus 299 bps
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| Announcement date: | July 8
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| Distribution: | Private placement
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