Clearfield,Pa.-based CNB FinancialCorp. closed the offering of $50 million of subordinated notes dueOct. 15, 2026.
Thenotes carry an interestrate of 5.75% per annum due Oct. 15, 2021, after which they will pay out at 455basis points above the three-month LIBOR.
Thecompany plans to use the net proceeds for general corporate purposes includingloan growth, additional liquidity and working capital.
GriffinFinancial Group was the sole placement agent for the offering while HoganLovells US LLP was legal counsel.