Subordinated debt

Leidos Announces Pricing of Senior Unsecured Notes Offering

Retrieved on: 
Monday, October 5, 2020
Finance, Debt, Leidos, Economy, Subordinated debt, Reston, Virginia

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.

Retrieved on: 
Monday, October 5, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Debt, Credit, Financial law, Fixed income, Unsecured debt, Credit rating agency, Bond credit rating, Subordinated debt, Secured loan

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

Retrieved on: 
Monday, October 5, 2020
Finance, Money, Economy, Debt, Leidos, Stock market, Security, Subordinated debt, Securities Act, Issuer, Reston, Virginia, SEC Rule 144A

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.

Retrieved on: 
Tuesday, September 22, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Credit rating agency, Bond credit rating, Unsecured debt, Nationally recognized statistical rating organization, Debt, Subordinated debt, Credit rating

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.

PartnerRe Ltd. Announces Closing of Fixed-Rate Reset Junior Subordinated Notes Offering and Delivery of Notice of Redemption

Retrieved on: 
Tuesday, September 22, 2020
Finance, Banking, Professional services, Other Professional Services, Insurance, Debt, Credit, Subordinated debt, Subordination

PartnerRe Ltd. (PartnerRe) announced today that its subsidiary, PartnerRe Finance B LLC (Finance B), has completed its offering of $500 million aggregate principal amount of 4.500% Fixed-Rate Reset Junior Subordinated Notes due 2050 (the Notes).

Key Points: 
  • PartnerRe Ltd. (PartnerRe) announced today that its subsidiary, PartnerRe Finance B LLC (Finance B), has completed its offering of $500 million aggregate principal amount of 4.500% Fixed-Rate Reset Junior Subordinated Notes due 2050 (the Notes).
  • The Notes are unsecured junior subordinated obligations of Finance B and are fully and unconditionally guaranteed by PartnerRe on an unsecured junior subordinated basis.
  • This press release is qualified in its entirety by reference to the notice of redemption issued by PartnerRe.
  • PartnerRe maintains strong financial strength ratings as follows: A.M. Best A+ / Moodys A1 / Standard & Poors A+.

KBRA Assigns Ratings to First Mid Bancshares, Inc.

Retrieved on: 
Tuesday, September 22, 2020
Professional services, Finance, Finance, Money, Economy, Credit, Debt, Fixed income, Unsecured debt, Credit rating agency, Subordinated debt, Bond credit rating

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 K2 for Mattoon, Illinois-based First Mid Bancshares, Inc. (NASDAQ: FMBH) (First Mid 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 K2 for Mattoon, Illinois-based First Mid Bancshares, Inc. (NASDAQ: FMBH) (First Mid or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for its subsidiary, First Mid Bank & Trust, N.A.
  • First Mids ratings are supported by the companys diverse revenue streams with fee income generally accounting for 30%-35% of operating revenue.
  • KBRA also recognizes FMBHs favorable core deposit franchise with respectable deposit market share within current operating markets.

DTE Energy Company Announces Junior Subordinated Debentures Offering

Retrieved on: 
Tuesday, September 22, 2020
Finance, Money, Debt, Economy, Telecommunications equipment, DTE Energy, DTE, Debenture, Data terminal equipment, Subordinated debt, Socialist Equality Party

Detroit, Sept. 22, 2020 (GLOBE NEWSWIRE) -- DETROIT, Sept. 22, 2020 DTE Energy Company (NYSE: DTE) announced today its intention to offer for sale, subject to market and other conditions, a new series of junior subordinated debentures due Oct. 15, 2080.

Key Points: 
  • Detroit, Sept. 22, 2020 (GLOBE NEWSWIRE) -- DETROIT, Sept. 22, 2020 DTE Energy Company (NYSE: DTE) announced today its intention to offer for sale, subject to market and other conditions, a new series of junior subordinated debentures due Oct. 15, 2080.
  • DTE intends to use the net proceeds of the offering to redeem its 2012 Series C 5.250% junior subordinated debentures due 2062 of which $200 million aggregate principal amount are outstanding.
  • This news release shall not constitute a notice of redemption of the 2012 Series C 5.250% junior subordinated debentures or an obligation to issue a notice of redemption.
  • DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.

First Resource Bank Completes $6 Million Subordinated Debt Offering

Retrieved on: 
Thursday, September 17, 2020
Finance, Money, Credit, Debt, Subordinated debt, OTC Markets Group, Bank First

EXTON, Pa., Sept. 17, 2020 /PRNewswire/ --First Resource Bank (OTCQX: FRSB) announced the completion of its $6 million subordinated notes offering.

Key Points: 
  • EXTON, Pa., Sept. 17, 2020 /PRNewswire/ --First Resource Bank (OTCQX: FRSB) announced the completion of its $6 million subordinated notes offering.
  • "We are delighted to announce the successful completion of our subordinated debt offering," commented First Resource Bank President & CFO, Lauren Ranalli.
  • About First Resource Bank First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in the Delaware Valley.
  • First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.

Carax Successfully Placed the First-ever Undated and Subordinated Sustainability-linked Bond of €20M With the OCEA Group

Retrieved on: 
Wednesday, September 16, 2020
Professional services, Environment, Other Professional Services, Finance, Consulting, Banking, Finance, Money, Economy, Debt, Credit, Subordinated debt, Subscription, Bond, Arranger

Carax announces the issue of an undated subordinated debt of 20 million euros in favor of the OCEA group , which is the leading French builder of aluminum ships.

Key Points: 
  • Carax announces the issue of an undated subordinated debt of 20 million euros in favor of the OCEA group , which is the leading French builder of aluminum ships.
  • This first-ever undated and subordinated Sustainability-Linked Bond was oversubscribed and entirely placed with European institutional investors.
  • For over 30 years, the Group has been committed to protecting the environment by designing vessels with a small carbon footprint.
  • Carax acted as both arranger and advisor to OCEA for the entire transaction, from setting it up to closing.

KBRA Assigns Ratings to South Plains Financial, Inc.

Retrieved on: 
Monday, September 14, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Bond market, Fixed income, Unsecured debt, Credit rating agency, Subordinated debt, Bond credit rating, Debt, Bank

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 Lubbock, Texas-based South Plains Financial, Inc. (NASDAQ: SPFI 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 Lubbock, Texas-based South Plains Financial, Inc. (NASDAQ: SPFI 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 City Bank (the bank), the companys wholly owned banking subsidiary.
  • Ratings are also supported by the banks well diversified revenues with noninterest income generally comprising ~35% of total operating income in recent years.
  • KBRA continues to monitor the potential direct and indirect effects of the coronavirus on the banking and other sectors.