trending Market Intelligence /marketintelligence/en/news-insights/trending/u4qzsOzChO_pw7DfM4Fg_w2 content esgSubNav
In This List

Sussex Bancorp completes $15M debt offering

Blog

Commercial Banking: June 22nd Edition

Blog

Commercial Banking Newsletter June Edition - 2022

Podcast

Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'

Case Study

Actions to Reduce Emissions at an Asian Financial Services Firm


Sussex Bancorp completes $15M debt offering

Rockaway, N.J.-based Sussex Bancorp completed a private placement of $15 million of its fixed-to-floating-rate subordinated notes to an institutional investor.

The notes, due Dec. 22, 2026, will initially bear interest at 5.75% yearly, payable quarterly for the first five years, and then payable at an annual floating rate equal to the three-month LIBOR plus 350 basis points for the rest of the term.

The company will use the net proceeds from the offering for general corporate purposes.

Hogan Lovells US LLP acted as the company's legal counsel.