OceanFirst in N.J. Issues $35M in Subordinated Debt

By Joseph Kellard September 16, 2016, 4:59 p.m. EDT 1 Min Read

OceanFirst Financial in Toms River, N.J., has issued $35 million in subordinated debt.

The $4 billion-asset company said in a press release Friday that the notes will bear an initial fixed interest rate at 5.1%. The debt will mature in 2026.

OceanFirst said it plans to use the net proceeds for general corporate purposes, which may include providing capital to support organic growth or strategic acquisitions, repaying debt, financing investments and capital expenditures and buying back common stock.

Sandler O'Neill was the book-running manager; Keefe, Bruyette & Woods was the co-manager.

OceanFirst has been an active acquirer, buying the $1.6 billion-asset Cape Bancorp in Cape May Court House, N.J., in January and agreeing in July to buy the $1.1 billion-asset Ocean Shore Holding in Ocean City, N.J.

Joseph Kellard

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