By Susanna Moon
Chicago, Feb. 23 – NexBank Capital, Inc. said it raised another $80 million in its private placement of fixed-to-floating rate senior notes due March 16, 2026, bringing the total deal size to $155 million.
NexBank closed the oversubscribed private placement of notes with a reopening of the initial offering, according to a company notice.
As announced Sept. 9, the issuer upsized its private placement of fixed-to-floaters to $75 million, up $25 million from the offering size previously announced on March 18, 2016.
Interest is fixed at 5.5% for five years and after that will float at Libor plus 435.5 basis points.
Proceeds will be used to repay debt and for general corporate purposes.
Sandler O’Neill & Partners, LP is placement agent. The notes were sold to institutional and high net worth individual investors.
NexBank Capital is a Dallas-based financial services company.
| Issuer: | NexBank Capital, Inc.
|
| Issue: | Senior notes reopening
|
| Amount: | $80 million
|
| Maturity: | March 16, 2026
|
| Coupon: | 5.5% for five years; after that, Libor plus 435.5 bps
|
| Call option: | Beginning March 15, 2021
|
| Distribution: | Private placement
|
| Agent: | Sandler O’Neill & Partners, LP
|
| Rating: | Kroll: BBB, upgraded from BBB-
|
| Add-on date: | Feb. 23
|
| Total size: | $155 million, upsized from $75 million and, before that, $50 million
|
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