By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Oregon Pacific Bancorp settled a $15 million private placement of 3.375% 10-year fixed-to-floating rate subordinated notes on Sept. 29, according to a news release.
Interest accrues at 3.375% per year until Sept. 30, 2026. From Sept. 30, 2026 onwards, the notes will bear interest at a floating rate equal to SOFR plus 266 basis points.
Performance Trust Capital Partners was the placement agent.
Proceeds will be used for general corporate purposes.
Based in Florence, Ore., Oregon Pacific is the bank holding company parent of Oregon Pacific Bank.
| Issuer: | Oregon Pacific Bancorp
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $15 million
|
| Maturity: | Sept. 30, 2031
|
| Coupon: | 3.375% until Sept. 30, 2026, then at SOFR plus 266 bps
|
| Call feature: | In whole but not in part at par until Sept. 30, 2026, then on any interest payment date in whole or in part at par
|
| Agent: | Performance Trust Capital Partners
|
| Settlement date: | Sept. 29
|
| Distribution: | Private placement
|
|
|
© 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.
