Signature Bank (SBNY) announced the closing of a $375 million offering of fixed-to-floating rate subordinated notes due 2030. These notes will initially pay a 4.00% interest rate until October 2025, after which the rate will adjust to three-month AMERIBOR plus 389 basis points. Proceeds will be used for general corporate purposes. The notes are unsecured and rank junior to other obligations and are not insured by the FDIC. This issuance reflects the bank's ongoing strategy to manage its capital structure.
Signature Bank (SBNY) has announced the pricing of $375 million in fixed-to-floating rate subordinated notes due 2030. The notes will initially bear an interest rate of 4.00% per annum, transitioning to a variable rate thereafter. Proceeds are intended for general corporate purposes, with the offering closing on October 6, 2020. As unsecured and subordinated obligations, these notes rank junior to the Bank’s senior obligations. Importantly, the notes are not insured by the FDIC and are offered under an exemption from registration.
Signature Bank (SBNY) has initiated an offering of fixed-to-floating rate subordinated notes due 2030. The notes will be unsecured and subordinated, ranking junior to the Bank's obligations to depositors and senior obligations. Proceeds will be used for general corporate purposes. These notes are exempt from registration under the Securities Act, meaning they won't be insured or guaranteed by the FDIC. This press release does not constitute an offer to sell or solicit any offers to buy these notes.
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