By Wendy Van Sickle
Columbus, Ohio, April 5 – Ledyard Financial Group issued $18 million of 10-year subordinated fixed-to-floating rate notes in an institutional private placement, according to a press release.
The notes start with a 4% interest rate and are callable after five years.
The interest rate during the floating period was not specified in the release.
Griffin Financial Group LLC worked as the placement agent.
Proceeds will be used for general corporate purposes, including support for continued organic growth and strategic initiatives.
The holding company for Ledyard National Bank is based in Hanover, N.H.
| Issuer: | Ledyard Financial Group
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| Amount: | $18 million
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| Issue: | Fixed-to-floating rate subordinated debt
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| Maturity: | April 1, 2032
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| Placement agent: | Griffin Financial Group LLC
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| Counsel to issuer: | Goodwin Procter LLP
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| Coupon: | 4% initially
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| Call features: | Callable after five years
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| Announcement date: | April 5
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| Distribution: | Private placement
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