Subordinated debt

Alerus Financial Corporation Announces Private Placement of a $50 Million Subordinated Note Due 2031

Retrieved on: 
Tuesday, March 30, 2021
Banking, Professional services, Finance, Alerus Financial, Alerus, Debt, Credit, Subordinated debt, Grand Forks, North Dakota, Federal Intelligence Service, Floating rate, States of the United States, Midwestern United States

Alerus Financial Corporation (NASDAQ: ALRS) announced that it has completed the private placement of a $50 million Subordinated Note due 2031 (the Note) with The Bank of North Dakota (BND).

Key Points: 
  • Alerus Financial Corporation (NASDAQ: ALRS) announced that it has completed the private placement of a $50 million Subordinated Note due 2031 (the Note) with The Bank of North Dakota (BND).
  • The Note issuance to BND replaces the Companys previously redeemed 5.75% Fixed-to-Floating Rate Subordinated Notes due 2025, which was effective on January 29, 2021.
  • Were able to refinance our existing subordinated debt at an extremely low interest rate and without a placement fee.
  • Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, ND.

DGAP-News: Plenum Investments Ltd. Successfully Launches Plenum European Insurance Bond Fund

Retrieved on: 
Tuesday, March 23, 2021
Finance, Money, Economy, Insurance, Investment funds, Bond, Subordinated debt

On March 22, 2021, the Plenum European Insurance Bond Fund was successfully launched with an initial volume of over EUR 20 million.

Key Points: 
  • On March 22, 2021, the Plenum European Insurance Bond Fund was successfully launched with an initial volume of over EUR 20 million.
  • The fund aims to benefit from the sector-specific extra premium and the market inefficiencies in the area of European subordinated bond segment.
  • The fund also invests in Restricted Tier 1 instruments (RT1) which are increasingly taking root in the European subordinated insurance bond market.
  • The fund is a further crucial step of the targeted expansion strategy of Plenum Investments Ltd. into the area of insurance bonds, which was started in 2020 with the successful launch of the Plenum Insurance Capital Fund.

PennantPark Floating Rate Capital Ltd. Prices Public Offering of $100.0 Million 4.25% Unsecured Notes Due 2026

Retrieved on: 
Friday, March 19, 2021
Money, Finance, Economy, Loans, Debt, Credit, Bankruptcy, Financial law, Second lien loan, Secured loan, Subordinated debt, Floating rate

NEW YORK, March 19, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT) announced that it has priced an underwritten public offering of $100.0 million in aggregate principal amount of its 4.25% unsecured notes due 2026.

Key Points: 
  • NEW YORK, March 19, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT) announced that it has priced an underwritten public offering of $100.0 million in aggregate principal amount of its 4.25% unsecured notes due 2026.
  • Investors are advised to carefully consider the investment objectives, risks, charges and expenses of PennantPark Floating Rate Capital Ltd. before investing.
  • 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.

KBRA Assigns Ratings to First Northwest Bancorp

Retrieved on: 
Tuesday, March 16, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Financial law, Bond market, Credit rating agency, Subordinated debt, Unsecured debt, Bond credit rating, Subordination

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 Port Angeles, Washington-based First Northwest Bancorp (NASDAQ: FNWB) (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 Port Angeles, Washington-based First Northwest Bancorp (NASDAQ: FNWB) (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 the subsidiary bank, First Federal Savings and Loan Association of Port Angeles.
  • FNWBs ratings are supported by its solid management team, which has extensive industry knowledge within its key geographic footprint.
  • Management has further demonstrated success in executing growth in its commercial banking, comparatively newer endeavor, and mortgage banking business lines, which KBRA considers favorably.

Sensata Technologies Holding plc Announces Pricing of $750 Million of Senior Notes by Sensata Technologies B.V.

Retrieved on: 
Monday, March 15, 2021
Semiconductor, Hardware, Other Technology, Technology, Software, Finance, Money, Economy, U.S. Securities and Exchange Commission, 73rd United States Congress, Debt, Credit, Issuer, Security, Subordinated debt, Securities Act

Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the Issuer) priced $750 million in aggregate principal amount of 4.0% senior notes due 2029 (the Notes) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the Securities Act).

Key Points: 
  • Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the Issuer) priced $750 million in aggregate principal amount of 4.0% senior notes due 2029 (the Notes) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the Securities Act).
  • The closing of the offering is expected to occur on March 29, 2021, subject to customary closing conditions.
  • The Notes and the guarantees will be senior to all of the Issuers and the guarantors future indebtedness that is expressly subordinated to the Notes and the guarantees.
  • The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.

Sensata Technologies Holding plc Announces Offering of $500 Million of Senior Notes by Sensata Technologies B.V.

Retrieved on: 
Monday, March 15, 2021
Semiconductor, Hardware, Technology, Telecommunications, Software, Finance, Money, U.S. Securities and Exchange Commission, Economy, 73rd United States Congress, Debt, Security, Stock market, Securities Act, Issuer, Subordinated debt

Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the Issuer) intends to offer, subject to market and other customary conditions, $500 million in aggregate principal amount of senior notes (the Notes) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the Securities Act).

Key Points: 
  • Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the Issuer) intends to offer, subject to market and other customary conditions, $500 million in aggregate principal amount of senior notes (the Notes) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the Securities Act).
  • The Notes and the guarantees will be senior to all of the Issuers and the guarantors future indebtedness that is expressly subordinated to the Notes and the guarantees.
  • The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.
  • Any offers of the Notes will be made only by means of a private offering memorandum.

CW Bancorp Completes $32.5 Million Subordinated Note Capital Raise

Retrieved on: 
Friday, March 12, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Debt, Credit, Bank holding company, Federal Reserve System, Separation of investment and retail banking, Subordinated debt, Bank

CW BANCORP (the Company) (OTC: CWBK), the parent company of CommerceWest Bank (the Bank), today announced the closing of its private placement of $32.5 million aggregate principal amount 3.75% Fixed-to-Floating Rate Subordinated Notes (the Notes).

Key Points: 
  • CW BANCORP (the Company) (OTC: CWBK), the parent company of CommerceWest Bank (the Bank), today announced the closing of its private placement of $32.5 million aggregate principal amount 3.75% Fixed-to-Floating Rate Subordinated Notes (the Notes).
  • The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
  • We are pleased with the strong demand and results of our subordinated debt capital raise and would also like to thank the Janney Montgomery Scott team, said Ivo A. Tjan, Chairman and CEO.
  • This raise will support our continued balance sheet growth, further strengthen our business model and allow us to expand our assistance to the local business community.

PennantPark Floating Rate Capital Ltd. Announces Monthly Distribution of $0.095 per Share

Retrieved on: 
Tuesday, March 2, 2021
Money, Finance, Economy, Loans, Debt, Credit, Bankruptcy, Financial law, Second lien loan, Secured loan, Subordinated debt, Lien

NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for March 2021 of $0.095 per share, payable on April 1, 2021 to stockholders of record as of March 18, 2021.

Key Points: 
  • NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for March 2021 of $0.095 per share, payable on April 1, 2021 to stockholders of record as of March 18, 2021.
  • 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.

Bunker Hill Capital Announces Sale of Taos Mountain LLC

Retrieved on: 
Thursday, February 11, 2021
Mobile, Wireless, Technology, Finance, Security, Consulting, Banking, Professional services, Software, Networks, Hardware, Finance, Money, Economy, Corporate finance, Debt, Equity securities, Mezzanine capital, Barclays, Private equity, Subordinated debt

Bunker Hill Capital, a leading Boston-based private equity investor in lower middle market companies, announced it has sold Taos Mountain LLC (Taos or the Company), a San Jose, CA based multi-cloud consulting firm to IBM.

Key Points: 
  • Bunker Hill Capital, a leading Boston-based private equity investor in lower middle market companies, announced it has sold Taos Mountain LLC (Taos or the Company), a San Jose, CA based multi-cloud consulting firm to IBM.
  • Bunker Hill Capital acquired Taos in August 2015 and was joined in the transaction with equity, senior debt and subordinated debt financing from Ric Urrutia, Abacus Finance Group, GMB Capital Partners and Brookside Mezzanine Partners.
  • From the day we closed, we have had a great working relationship with the Taos team, stated Rufus Clark, a Managing Partner at Bunker Hill Capital.
  • Advisors to Bunker Hill Capital and Taos included Barclays Capital Inc., as investment banker, and Morgan Lewis & Bockius, as legal counsel.

AM Best Assigns Issue Credit Rating to Liberty Mutual Group Inc.’s Junior Subordinated Notes

Retrieved on: 
Tuesday, February 9, 2021
Other Professional Services, Professional services, Insurance, Finance, Finance, Money, Credit, Economy, Debt, Credit rating, Subordinated debt, Rating, Structured finance

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of bb+ to the forthcoming $800 million 4.3% junior subordinated notes, due 2061, recently issued by Liberty Mutual Group Inc. (LMGI) (Boston, MA).

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of bb+ to the forthcoming $800 million 4.3% junior subordinated notes, due 2061, recently issued by Liberty Mutual Group Inc. (LMGI) (Boston, MA).
  • The outlook assigned to the Credit Rating (rating) is stable.
  • Inclusive of the recent junior subordinated notes issue, AM Best expects financial leverage and coverage measures to be within the tolerance of the assigned rating.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .