Subordinated debt

BTB Announces Public Offering of $30 Million of Convertible Debentures

Retrieved on: 
Wednesday, September 9, 2020
Finance, Money, Corporate finance, Debt, Economy, Debenture, Credit, Convertible bond, BTB, Subordinated debt

The net proceeds from the offering (after deducting the Underwriters fee and expenses of the offering) will be used to redeem the $26.7 million Series F 7.15% convertible unsecured subordinated debentures due December 31, 2020 and for general trust purposes.

Key Points: 
  • The net proceeds from the offering (after deducting the Underwriters fee and expenses of the offering) will be used to redeem the $26.7 million Series F 7.15% convertible unsecured subordinated debentures due December 31, 2020 and for general trust purposes.
  • BTB will file its notice of redemption for all outstanding Series F unsecured subordinated convertible debentures on or before the closing of the offering.
  • The actual results and performance of BTB could differ materially from those expressed or implied by such statements.
  • The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf.

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

Retrieved on: 
Wednesday, September 2, 2020
Money, Finance, Economy, Loans, Debt, Credit, Bankruptcy, Financial law, Second lien loan, Secured loan, Subordinated debt, Lien

NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for September 2020 of $0.095 per share, payable on October 1, 2020 to stockholders of record as of September 17, 2020.

Key Points: 
  • NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for September 2020 of $0.095 per share, payable on October 1, 2020 to stockholders of record as of September 17, 2020.
  • 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.

Socket Mobile Strengthens Balance Sheet with a Secured Subordinated Convertible Note Financing of $1.5 Million

Retrieved on: 
Tuesday, September 1, 2020
Network socket, Credit, Debt, Subordinated debt, Socket M, Mobile app, Unix domain socket, Computer architecture, Computing

NEWARK, Calif., Sept. 1, 2020 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today announced completion of a secured subordinated convertible note financing of $1,530,000.

Key Points: 
  • NEWARK, Calif., Sept. 1, 2020 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today announced completion of a secured subordinated convertible note financing of $1,530,000.
  • The notes are secured by the assets of the Company and are subordinated to the Company's debts with Western Alliance Bank, its senior lender.
  • Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications.
  • Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com .Follow Socket Mobile on Facebook , Twitter @socketmobile and on our sockettalk blog .

KBRA Assigns Ratings to Northwest Bancshares, Inc.

Retrieved on: 
Friday, August 28, 2020
Banking, Professional services, Insurance, Finance, Finance, Money, Economy, Credit, Fixed income, Unsecured debt, Credit rating agency, Subordinated debt, Bond credit rating, Debt

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 Warren, Pennsylvania-based Northwest Bancshares, Inc. (NASDAQ: NWBI) (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 Warren, Pennsylvania-based Northwest Bancshares, Inc. (NASDAQ: NWBI) (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 the subsidiary bank, Northwest Bank.
  • KBRA continues to monitor the potential direct and indirect effects of the coronavirus disease (COVID-19) on the banking and other sectors.
  • The ratings are based on KBRAs Bank and Bank Holding Company Global Rating Methodology published on October 16, 2019.

1st Colonial Bancorp, Inc. Announces Completion of $10.75 Million Private Placement of Subordinated Notes

Retrieved on: 
Wednesday, August 26, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Debt, Piper Sandler Companies, Subordinated debt, Private placement, Placement, Bank

1st Colonial Bancorp, Inc. (OTC Pink: FCOB) (the "Company"), the parent company of 1st Colonial Community Bank ("1st Colonial"), today announced the completion of a private placement of $10.75 million in aggregate principal amount of fixed to floating rate subordinated notes to certain bank and institutional accredited investors.

Key Points: 
  • 1st Colonial Bancorp, Inc. (OTC Pink: FCOB) (the "Company"), the parent company of 1st Colonial Community Bank ("1st Colonial"), today announced the completion of a private placement of $10.75 million in aggregate principal amount of fixed to floating rate subordinated notes to certain bank and institutional accredited investors.
  • The proceeds from the placement of the subordinated debt will be used to support growth initiatives, as well as general corporate purposes.
  • Piper Sandler & Co. served as placement agent for the private placement of the subordinated notes.
  • 1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers.

KBRA Assigns Ratings to Washington Trust Bancorp, Inc.

Retrieved on: 
Tuesday, August 25, 2020
Banking, Professional services, Insurance, Finance, Finance, Money, Economy, Credit, Bond credit rating, Credit rating agency, Unsecured debt, Nationally recognized statistical rating organization, Subordinated debt, Debt, Credit rating, Security

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Westerly, Rhode Island-based Washington Trust Bancorp, Inc. (NASDAQ: WASH) (the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Westerly, Rhode Island-based Washington Trust Bancorp, Inc. (NASDAQ: WASH) (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 lead subsidiary, The Washington Trust Company, of Westerly.
  • KBRA continues to monitor the potential direct and indirect effects of the coronavirus on the banking and other sectors.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

Prudential Financial, Inc. to Redeem $1,285,000,000 of Junior Subordinated Notes

Retrieved on: 
Monday, August 24, 2020
Banking, Professional services, Insurance, Finance, Money, Economy, Debt, Credit, American Bankers Association, CUSIP, Market data, International Securities Identification Number, Subordinated debt, Bank

Prudential Financial, Inc. (the Company) (NYSE: PRU) announced today that it will redeem all of the $575,000,000 outstanding aggregate principal amount of its 5.75% Junior Subordinated Notes due 2052 (CUSIP/ISIN No.

Key Points: 
  • Prudential Financial, Inc. (the Company) (NYSE: PRU) announced today that it will redeem all of the $575,000,000 outstanding aggregate principal amount of its 5.75% Junior Subordinated Notes due 2052 (CUSIP/ISIN No.
  • 744320607/US7443206070) and all of the $710,000,000 outstanding aggregate principal amount of its 5.70% Junior Subordinated Notes due 2053 (CUSIP/ISIN No.
  • A notice of redemption is being sent to all currently registered holders of the Notes by the trustee, The Bank of New York Mellon.
  • The Company intends to fund the redemption of the Notes with funds received from the closing on August 21, 2020 of the Companys underwritten public offering of $1,300,000,000 aggregate principal amount of Junior Subordinated Notes, consisting of $800,000,000 aggregate principal amount of its 3.700% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 and $500,000,000 aggregate principal amount of its 4.125% Junior Subordinated Notes due 2060.

AM Best Assigns Issue Credit Ratings to Prudential Financial Inc.’s New Junior Subordinated Notes

Retrieved on: 
Friday, August 21, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Credit, Economy, Credit rating agency, Credit rating, AM Best, Prudential Financial, Subordinated debt

AM Best has assigned a Long-Term Issue Credit Rating of bbb to the 30-year, $800 million, 3.7% junior subordinated note, and the 40-year, $500 million, 4.125% junior subordinated note newly issued by Prudential Financial, Inc. (Prudential) (Newark, NJ) [NYSE: PRU].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating of bbb to the 30-year, $800 million, 3.7% junior subordinated note, and the 40-year, $500 million, 4.125% junior subordinated note newly issued by Prudential Financial, Inc. (Prudential) (Newark, NJ) [NYSE: PRU].
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Cross River Announces Completion Of $106 Million Subordinated Debt Offering

Retrieved on: 
Thursday, August 20, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Financial law, Kohlberg Kravis Roberts, Subordinated debt, Bank, Gade, Debt

CRB Group, Inc., the parent company of Cross River Bank, today announced the closing of its $106 million private placement of subordinated notes (the Notes).

Key Points: 
  • CRB Group, Inc., the parent company of Cross River Bank, today announced the closing of its $106 million private placement of subordinated notes (the Notes).
  • We are pleased to announce the successful completion of our subordinated debt offering, which will provide us with opportunistic capital to continue our strategic growth plans and to fuel our commitment to our employees, partners, businesses and consumers, said Gilles Gade, Founder, President and CEO of Cross River.
  • Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management.
  • In December 2018, Cross River secured $100 million in a funding round led by KKR.

Atlantic Capital Bancshares, Inc. Announces Completion of $75 Million Subordinated Notes Offering

Retrieved on: 
Thursday, August 20, 2020
Economy, Debt, Credit, Capital requirement, Insurance, Alston & Bird, Subordinated debt, Bank

ATLANTA, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (Atlantic Capital) announced today the completion of a private placement of $75 million of 5.5% fixed to floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

Key Points: 
  • ATLANTA, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (Atlantic Capital) announced today the completion of a private placement of $75 million of 5.5% fixed to floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.
  • The Notes have been structured to qualify as Tier 2 capital for Atlantic Capital for regulatory capital purposes.
  • Atlantic Capital intends to use the net proceeds from the offering for general corporate purposes, including support for organic growth plans and support for bank level capital ratios, as well as possible future redemption of callable subordinated notes.
  • Troutman Pepper served as legal counsel to Atlantic Capital and Alston & Bird LLP served as legal counsel to the placement agents.