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Flushing Financial offers 10-year subordinated fixed-to-floaters
By Marisa Wong
Los Angeles, Aug. 15 – Flushing Financial Corp. plans to price $1,000-par fixed-to-floating rate subordinated notes due 2032 (Kroll: BBB-), according to FWP and 424B5 filings with the Securities and Exchange Commission.
The interest rate resets in 2027 from a fixed rate to a floating rate based on SOFR.
The notes are non-callable for five years.
Piper Sandler & Co. is the lead bookrunner for the SEC-registered deal. Keefe, Bruyette & Woods, Inc. is a joint bookrunner.
Holland & Knight LLP will act as counsel for the issuer. Paul Hastings LLP will be counsel for the underwriters.
Wilmington Trust, NA is the trustee.
Proceeds will be used for general corporate purposes.
The financial holding company is based in Uniondale, N.Y.
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