New York, May 30 – County Bancorp, Inc. completed a private placement of $30 million of fixed-to-floating rate subordinated notes (Egan-Jones: BBB) due 2028, according to an 8-K filing with the Securities and Exchange Commission.
The notes pay a fixed rate of interest at 5.875% for the first five years and then switch to a floating rate of Libor plus 288.4 basis points.
The notes qualify as tier 2 capital.
Sandler O’Neill + Partners, LP was lead placement agent.
Proceeds will be used for general corporate purposes, including growth initiatives at the company’s Investors Community Bank subsidiary.
County Bancorp is a Manitowoc, Wis., bank holding company.
| Issuer: | County Bancorp, Inc.
|
| Issue: | Tier 2 fixed-to-floating rate subordinated notes
|
| Amount: | $30 million
|
| Maturity: | 2028
|
| Coupon: | 5.875%; from June 1, 2023 Libor plus 288.4 bps
|
| Call: | Starting June 1, 2023 and on subsequent interest payment dates at par
|
| Placement agents: | Sandler O’Neill + Partners, LP (lead), Hovde Group, LLC (co)
|
| Rating: | Egan-Jones: BBB
|
| Distribution: | Regulation D private placement
|
| Settlement date: | May 30
|
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