By Lisa Kerner
Charlotte, N.C., April 20 – Signature Bank placed $260 million of 10-year notes with an initial coupon of 5.3%, according to a news release.
Interest on the notes is payable semiannually, in arrears, on April 19 and Oct. 19, beginning April 19, 2016 until April 19, 2021.
On April 19, 2021, and thereafter, interest on the notes will accrue at Libor plus 392 basis points, paid quarterly in arrears on Jan. 19, April 19, July 19 and Oct. 19.
Proceeds will be used to support the capital requirements of the bank and for general corporate purposes.
The issuance and sale of the notes have not been registered under the Securities Act or under the securities laws of any state, and the notes may not be offered or sold absent registration or an applicable exemption from registration requirements.
Signature Bank is a full service commercial bank based in New York.
| Issuer: | Signature Bank
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| Issue: | Notes
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| Amount: | $260 million
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| Coupon: | 5.3% through April 19, 2021; then Libor plus 392 bps
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| Maturity: | April 19, 2026
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| Distribution: | Private placement
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