By Wendy Van Sickle
Columbus, Ohio, June 17 – Northfield Bancorp, Inc. settled a $62 million private placement of 5% 10-year fixed-to-floating rate subordinated notes, according to an 8-K filing with the Securities and Exchange Commission.
The coupon is 5% per year until June 30, 2027 and then converts to a floating rate equal to SOFR plus 200 basis points.
UMB Bank NA is the trustee.
Proceeds will be used for general corporate purposes, which may include funding potential repurchases of shares of the company’s outstanding common stock.
The holding company for Northfield Bank is based in Avenel, N.J.
| Issuer: | Northfield Bancorp, Inc.
|
| Amount: | $62 million
|
| Issue: | Subordinated notes
|
| Maturity: | June 30, 2032
|
| Trustee: | UMB Bank NA
|
| Coupon: | 5% until June 30, 2027, then SOFR plus 200 bps
|
| Call: | Beginning June 30, 2027 at par or upon certain events
|
| Announcement date: | June 17
|
| 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.
