CoBiz Financial in Denver plans to issue up subordinated debt to redeem its shares in the Small Business Lending Fund.
The $3.1 billion-asset company has commenced an offering of unsecured fixed to floating-rate notes due 2030, according to an update CoBiz provided to an August 2013 shelf filing with the Securities and Exchange Commission.
CoBiz will use the proceeds to redeem $57.4 million of preferred stock held by the Treasury Department as part of the Small Business Lending Fund. Excess proceeds will be used for general corporate purposes.
JPMorgan Chase and Keefe, Bruyette & Woods are underwriters on the offering. Sherman & Howard is legal counsel.