Clearwater, Fla.-based USAmeriBancorp Inc. completed a private placement toqualified institutional investors of $45 million in subordinated notes,according to an April 4 news release.
The notes are noncallable for five years and have a statedmaturity of April 1, 2026. They bear interest at a fixed rate of 6.25% for fiveyears, and thereafter at a floating rate based on three-month LIBOR plus 4.945%.
The notes, which were issued at the holding company level,have been structured to qualify as Tier 2 capital under regulatory guidelines.The subordinated notes have been assigned an investment grade rating of BBB- byKroll Bond Rating Agency, according to the news release.
USAmeriBancorp intends to use the proceeds of the offeringto support growth initiatives, to partially redeem preferred stock and to usefor general corporate purposes.
Sandler O'Neill & Partners LP and Raymond JamesFinancial Inc. acted as placement agents for the private offering. ShumakerLoop & Kendrick LLP served as issuer's counsel and Covington & BurlingLLP served as placement agent's counsel.