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Lakeland Bancorp closes $75M subordinated debt offering

Oak Ridge, N.J.-based Lakeland Bancorp Inc. closed the offering of $75 millionof its subordinated notes due Sept. 30, 2026.

The notes carry an interest rate of 5.125% until Sept. 30,2021, after which they will pay out a rate equal to three-month LIBOR, plus 397basis points.

The company plans to use the net proceeds for generalcorporate purposes and investments in unit Lakeland Bank as regulatory capital.

Keefe Bruyette & Woods, a Stifel Co., acted asbook-running manager, while Sandler O'Neill & Partners LP acted as theco-manager for the offering.