New Issue: Treasury auctions $6.6 million of Biscayne Bancshares TARP subordinated debt

By Stephanie N. Rotondo

Phoenix, Jan. 30 - The U.S. Department of the Treasury sold at auction $6.6 million of Biscayne Bancshares Inc.'s $1,000-par senior subordinated debt issued under the Troubled Asset Relief Program.

The modified Dutch auction began Monday and ended Tuesday.

Of the securities, $6.4 million of 7.7% senior subordinated securities due 2039 were priced at $973.90 each. Another $204,000 of 13.8% senior subordinated securities due 2039 were priced at $1,012.61 apiece.

Total proceeds came to $6.44 million. The Treasury will receive all proceeds.

Biscayne Bancshares is a Coconut Grove, Fla.-based financial institution.

Issuer:	Biscayne Bancshares Inc.
Total amount:	$6,604,000
Proceeds:	$6,439,532
Pricing date:	Jan. 29
Settlement dates:	Feb. 7-8
7.7% senior subordinated securities
Amount:	$6.4 million
Securities:	Senior subordinated securities
Maturity:	2039
Coupon:	7.7%
Price:	$973.90
Par:	$1,000
13.8% senior subordinated securities
Amount:	$204,000
Securities:	Senior subordinated securities
Maturity:	2039
Coupon:	13.8%
Price:	$1,012.61
Par:	$1,000

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