Independent Bank Corp. in Rockland, Mass., has raised $35 million by issuing debt.
The $6.4 billion-asset company said in a press release Wednesday that it issued fixed-to-floating rate subordinated notes in a private placement to unnamed institutional investors.
Independent said it intends to use the proceeds to fund growth, acquisitions or the repayment of outstanding debt.
The notes will mature on Nov. 15, 2024, and have an interest rate of 4.75% for the first five years. After that, the interest rate will reset quarterly to the three-month LIBOR rate plus 298 basis points.
Independent is the parent company for Rockland Trust. The company recently expanded in Boston, announcing in August that it would buy the $606 million-asset Peoples Federal Bancshares in Brighton, Mass.
U.S. Bancorp Investments and Sandler O'Neill served as the placement agents for the offering.