By Lisa Kerner
Charlotte, N.C., March 30 – Sunshine Bancorp, Inc. issued $11 million of 5% subordinated notes due April 1, 2021 to two accredited investors.
The investors included a corporation owned and controlled by George Parmer, a director of the company, which purchased $7 million principal amount of the notes.
Proceeds will be used to support ongoing organic and strategic growth opportunities, according to an 8-K filing with the Securities and Exchange Commission.
Interest is payable quarterly on Jan. 15, April 15, July 15 and Oct. 15 of each year.
The company may prepay the notes at any time, in whole or in part, without penalty or premium.
Sunshine Bancorp, the parent company of Sunshine Bank, is based in Plant City, Fla.
| Issuer: | Sunshine Bancorp, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $11 million
|
| Maturity: | April 1, 2021
|
| Coupon: | 5%, payable quarterly
|
| Price: | Par
|
| Yield: | 5%
|
| Call option: | At any time, in whole or in part, without penalty or premium
|
| Purchasers: | Two accredited investors including corporation owned by director George Palmer
|
| Settlement date: | March 30
|
| Distribution: | Private placement
|
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