Old Line Bancshares in Bowie, Md., has issued $35 million in subordinated debt to help pay for an acquisition and for growth moves down the road.
The $1.3 billion-asset company said Wednesday that the fixed- to floating-rate subordinated notes are due in 2026. They will bear interest fixed at 5.6% per year for the first five years. After that, the rate will adjust to the then-current Libor rate plus 450.2 basis points.
The notes are being offered to qualified institutional buyers. The sale of the notes is expected to close on Aug. 15.
-
Old Line Bancshares in Bowie, Md., has agreed to buy Regal Bancorp in Owings Mills, Md.
August 5 -
Regions Financial in Birmingham, Ala., has offered to repurchase up to $750 million of its outstanding senior debt.
August 11 -
Valley National Bancorp in Wayne, N.J., has taken several steps to help it navigate through a difficult interest rate environment.
August 10
Old Line said it intends to use the proceeds to fund its pending purchase of the remaining 37.5% interest in the office owner and manager Pointer Ridge Office Investments; to pay certain indebtedness; and to use for general corporate purposes including future growth.
Old Line has been in expansion mode, announcing last week that it
