By Cristal Cody
Eureka Springs, Ark., June 23 – Opus Bank priced an upsized $135 million of 5.5% 10-year fixed-to-floating rate subordinated notes at par on Thursday, according to a company news release.
The company announced it launched an offering of $100 million of the notes due July 1, 2026 on Monday.
The coupon will reset on July 1, 2021 and thereafter at a floating rate equal to Libor plus 428.5 basis points.
Sandler O'Neill + Partners, LP and Keefe, Bruyette & Woods were the bookrunners.
Proceeds will be used for general corporate purposes, which may include supporting Opus’ growth and capital.
Opus is a commercial bank based in Irvine, Calif.
| Issuer: | Opus Bank
|
| Amount: | $135 million
|
| Maturity: | July 1, 2026
|
| Securities: | Subordinated notes
|
| Bookrunners: | Sandler O'Neill + Partners, LP, Keefe, Bruyette & Woods
|
| Coupon: | 5.5%; resets to floating rate July 1, 2021 at Libor plus 428.5 bps
|
| Price: | Par
|
| Yield: | 5.5%
|
| Pricing date: | June 23
|
| Settlement date: | June 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
