GRAND RAPIDS, Mich. – CU*Answers, a CUSO serving 190 credit unions, said this morning it hopes to raise as much as $5.4 million in a debt offering to its 104 credit union owners.
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The CUSO, provider of the CU*BASE core processing system, said it is offering five-year debentures at 3.75% which are structured to pay Prime Rate plus one-half percent (0.5%), with quarterly interest payments.
The CUSO’s most recent debenture offering, which is scheduled to mature in June 2014, paid a 6.5% rate for 2011.
Besides its core processing, CU*Answers offers Internet development services, network design and security and image check processing to credit unions.
