Subordinated debt

KBRA Assigns Ratings to Cape Cod Five Mutual Company

Wednesday, October 21, 2020 - 4:23pm

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Hyannis, Massachusetts-based Cape Cod Five Mutual Company (Cape Cod Five, CCFMC or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Hyannis, Massachusetts-based Cape Cod Five Mutual Company (Cape Cod Five, CCFMC or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, The Cape Cod Five Cents Savings Bank.
  • The ratings are supported by an experienced management team that KBRA views as capable of executing stable growth going forward.
  • The ratings are based on KBRAs Bank & Bank Holding Company Global Rating Methodology published on October 16, 2019.

AM Best Comments on Credit Ratings of Peak Reinsurance Company Limited Following Disclosure on Securities Issuance

Wednesday, October 21, 2020 - 4:10pm

AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of a- of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland), remain unchanged following the disclosure of an issuance of perpetual subordinated guaranteed capital securities (securities).

Key Points: 
  • AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of a- of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland), remain unchanged following the disclosure of an issuance of perpetual subordinated guaranteed capital securities (securities).
  • These securities will be issued by Peak Re (BVI) Holding Limited and be unconditionally and irrevocably guaranteed on a subordinated basis by Peak Re.
  • AM Best views the issuance to further strengthen Peak Res risk-adjusted capitalisation over the intermediate term and at the current rating level.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .

LINKBANCORP, Inc. Announces Completion of $5 Million Common Stock Offering

Tuesday, October 20, 2020 - 7:33pm

LINKBANCORP, Inc. (OTC Pink: LNKB) (the Company), the parent company for LINKBANK, announced that it has completed an oversubscribed private placement offering of $5 million in common stock, primarily from accredited individual investors in LINKBANKs Southcentral Pennsylvania market.

Key Points: 
  • LINKBANCORP, Inc. (OTC Pink: LNKB) (the Company), the parent company for LINKBANK, announced that it has completed an oversubscribed private placement offering of $5 million in common stock, primarily from accredited individual investors in LINKBANKs Southcentral Pennsylvania market.
  • The Company issued 421,292 shares in the offering at a price of $12.00 per share.
  • The Company also completed a $20 million subordinated debt offering in September 2020.
  • LINKBANCORP, Inc. common stock is traded over the counter (OTC Pink) under the symbol LNKB.

The Community Financial Corporation Announces Completion of $20 Million Subordinated Notes Offering

Wednesday, October 14, 2020 - 9:51pm

WALDORF, Md., Oct. 14, 2020 (GLOBE NEWSWIRE) -- The Community Financial Corporation (the Company) (NASDAQ- TCFC), the holding company for Community Bank of the Chesapeake (the Bank), today announced the completion of its private placement of $20 million of its 4.75% Fixed-to-Floating Rate Subordinated Notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

Key Points: 
  • WALDORF, Md., Oct. 14, 2020 (GLOBE NEWSWIRE) -- The Community Financial Corporation (the Company) (NASDAQ- TCFC), the holding company for Community Bank of the Chesapeake (the Bank), today announced the completion of its private placement of $20 million of its 4.75% Fixed-to-Floating Rate Subordinated Notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.
  • The Notes are intended to qualify as Tier 2 capital for regulatory capital purposes for the Company.
  • Kilpatrick Townsend & Stockton LLP served as legal counsel to the Company and Holland & Knight LLP served as legal counsel to the placement agent.
  • The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

Pathfinder Bancorp, Inc. Announces Completion of $25 Million Private Placement of Subordinated Notes

Wednesday, October 14, 2020 - 9:15pm

OSWEGO, N.Y., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (Company) (NASDAQ: PBHC), the holding company for Pathfinder Bank (Bank), today announced the completion of its private placement of $25 million of its 5.50% Fixed to Floating Rate Subordinated Notes (the Notes) to certain qualified institutional buyers and accredited institutional investors.

Key Points: 
  • OSWEGO, N.Y., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (Company) (NASDAQ: PBHC), the holding company for Pathfinder Bank (Bank), today announced the completion of its private placement of $25 million of its 5.50% Fixed to Floating Rate Subordinated Notes (the Notes) to certain qualified institutional buyers and accredited institutional investors.
  • The Company may redeem the Notes at par, in whole or in part, at its option, anytime beginning on October 15, 2025.
  • The Notes are intended to qualify as Tier 2 capital for regulatory capital purposes for the Company.
  • Thomas W. Schneider, President and CEO of the Company, stated, We are pleased with the interest in, and successful closing of, our subordinated debt offering.

PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of Fourth Fiscal Quarter 2020 Results

Wednesday, October 7, 2020 - 9:05pm

NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE:PFLT) announced that it will report results for the fourth fiscal quarter ended September 30, 2020 on Wednesday, November 18, 2020 after the close of the financial markets.

Key Points: 
  • NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE:PFLT) announced that it will report results for the fourth fiscal quarter ended September 30, 2020 on Wednesday, November 18, 2020 after the close of the financial markets.
  • ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt.
  • PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
  • PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein.

Leidos Announces Pricing of Senior Unsecured Notes Offering

Monday, October 5, 2020 - 9:05pm

The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed on a senior basis by Leidos.

Key Points: 
  • The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed on a senior basis by Leidos.
  • The Notes and the related guarantee will be structurally subordinated to the liabilities of Leidos' and the Issuer's existing and future subsidiaries.
  • The offering is expected to close on Oct. 8, 2020, subject to customary closing conditions.
  • Headquartered in Reston, Va., Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020.

KBRA Assigns Ratings to Central Pacific Financial Corp.

Monday, October 5, 2020 - 5:12pm

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Honolulu, Hawaii-based Central Pacific Financial Corp. (NYSE: CPF) (Central Pacific or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Honolulu, Hawaii-based Central Pacific Financial Corp. (NYSE: CPF) (Central Pacific or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Central Pacific Bank.
  • KBRA also considers CPFs enhanced underwriting standards and the de-risking of the loan book since the global financial crisis (GFC) favorably.
  • Central Pacific currently reflects a lower credit risk profile, evidenced by the RWA density tracking below peers.

Leidos Announces Launch of Senior Unsecured Notes Offering

Monday, October 5, 2020 - 1:47pm

RESTON, Va., Oct. 5, 2020 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS) ("Leidos"), a FORTUNE 500 science and technology leader, today announced that its wholly-owned subsidiary, Leidos, Inc. (the "Issuer"), intends to commence, subject to market and customary conditions, a private offering of senior unsecured notes (the "Notes") pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act").

Key Points: 
  • RESTON, Va., Oct. 5, 2020 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS) ("Leidos"), a FORTUNE 500 science and technology leader, today announced that its wholly-owned subsidiary, Leidos, Inc. (the "Issuer"), intends to commence, subject to market and customary conditions, a private offering of senior unsecured notes (the "Notes") pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act").
  • The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed on a senior basis by Leidos.
  • The Notes and the related guarantee will be structurally subordinated to the liabilities of Leidos' and the Issuer's existing and future subsidiaries.
  • Headquartered in Reston, Va., Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020.

KBRA Assigns Ratings to Premier Financial Corp.

Tuesday, September 22, 2020 - 4:15pm

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Defiance, Ohio-based Premier Financial Corp. (NASDAQ: PFC) (Premier Financial or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Defiance, Ohio-based Premier Financial Corp. (NASDAQ: PFC) (Premier Financial or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Premier Bank.
  • Premier Financial has demonstrated solid credit performance in recent years (NCO ratio averaged 1 bp from 2015-2019), which illustrates managements knowledge of local markets/borrowers, and their conservative underwriting.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.