Shore Bancshares, Inc. Announces Completion of $60 Million Subordinated Notes Offering
Shore Bancshares (NASDAQ: SHBI) completed a private placement of $60.0 million of 6.25% Fixed to Floating Rate Subordinated Notes due 2035 on November 13, 2025. The Notes pay a fixed 6.25% annual rate for five years, then reset quarterly to three-month SOFR + 288 bps. The Notes are intended to qualify as Tier 2 regulatory capital. Net proceeds will be used for general corporate purposes and repayment of existing indebtedness. The company agreed to registration rights to exchange the Notes for registered subordinated notes. Piper Sandler served as lead placement agent; Hovde Group served as co-placement agent. The Notes are not FDIC insured and were sold to qualified institutional buyers and accredited investors.
Shore Bancshares (NASDAQ: SHBI) ha completato un collocamento privato di 60,0 milioni di dollari di note subordinate a tasso fisso passando a tasso variabile al 6,25% dovute al 2035 il 13 novembre 2025. Le note pagano un tasso annuo fisso del 6,25% per cinque anni, poi si riallineano trimestralmente a SOFR a tre mesi + 288 punti base. Le note sono destinate a qualificarsi come capitale regolamentare di livello 2. L'importo netto dell'offerta sarà impiegato per scopi generali dell'azienda e per il rimborso dell'indebitamento esistente. La società ha accettato diritti di registrazione per scambiare le Note con note subordinate registrate. Piper Sandler ha agito da agente principale di collocamento; Hovde Group da co-agente di collocamento. Le note non sono assicurate dalla FDIC e sono state vendute a investitori istituzionali qualificati e investitori accreditati.
Shore Bancshares (NASDAQ: SHBI) completó una colocación privada de 60,0 millones de dólares de Notas subordinadas a tasa fija del 6,25% que pasan a tasa flotante y vencen en 2035 el 13 de noviembre de 2025. Las Notas pagan un rendimiento anual fijo del 6,25% durante cinco años, luego se reajustan trimestralmente a SOFR a tres meses + 288 puntos básicos. Se prevé que las Notas califiquen como capital regulatorio de Nivel 2. El producto neto se utilizará para fines corporativos generales y para el pago de deudas existentes. La empresa acordó derechos de registro para canjear las Notas por notas subordinadas registradas. Piper Sandler actuó como agente líder de colocación; Hovde Group como coagente de colocación. Las Notas no están aseguradas por la FDIC y se vendieron a compradores institucionales calificados e inversores acreditados.
Shore Bancshares (NASDAQ: SHBI)는 2035년 만기 6.25% 고정-변동금리부 순위채권의 비공개 배정을 2025년 11월 13일에 완료했습니다. 이 채권은 5년간 연 6.25%의 고정 이자를 지급하고, 이후에는 분기마다 3개월 SOFR + 288bps로 재설정됩니다. 이 채권은 계층 2 규제 자본으로 인정될 예정입니다. 순수익은 일반 기업용 자금 및 기존 부채 상환에 사용됩니다. 회사는 채권을 등록된 순위채로 교환하기 위한 등록권을 합의했습니다. Piper Sandler가 선배치 에이전트로, Hovde Group이 공동 배정 에이전트로 활동했습니다. 이 채권은 FDIC 보험에 의해 보장되지 않으며, 자격 있는 기관 투자자 및 공인 투자자에게 판매되었습니다.
Shore Bancshares (NASDAQ: SHBI) a réalisé une placement privé de 60,0 millions de dollars de billets subordonnés à taux fixe passant à taux variable 6,25% dus en 2035, le 13 novembre 2025. Les billets versent un taux fixe annuel de 6,25% pendant cinq ans, puis se réinitialisent trimestriellement à SOFR à trois mois + 288 points de base. Les billets sont destinés à être qualifiés de capital réglementaire de niveau 2. Le produit net sera utilisé pour des besoins généraux d'entreprise et le remboursement des dettes existantes. La société a accepté des droits d'enregistrement pour échanger les billets contre des billets subordonnés enregistrés. Piper Sandler a agi en tant qu'agent principal de placement; Hovde Group en tant qu'agent de placement coopératif. Les billets ne sont pas assurés par la FDIC et ont été vendus à des investisseurs institutionnels qualifiés et à des investisseurs accrédités.
Shore Bancshares (NASDAQ: SHBI) hat eine private Platzierung von 60,0 Mio. USD an festverzinslichen, nachrangigen Anleihen mit festem Zins von 6,25% bis zur Umstellung auf variablen Zinssatz bis 2035 am 13. November 2025 abgeschlossen. Die Anleihen zahlen fünf Jahre lang 6,25% fest und passen sich dann vierteljährlich an SOFR drei Monate + 288 Basispunkte an. Die Anleihen sollen als Tier-2-Regulatory-Capital qualified werden. Die Nettoerlöse werden für allgemeine Unternehmenszwecke und zur Begleichung bestehender Verbindlichkeiten verwendet. Das Unternehmen hat Registrierungsrechte vereinbart, um die Anleihen gegen registrierte nachrangige Anleihen umzutauschen. Piper Sandler fungierte als Lead-Placement-Agent; Hovde Group als Co-Placement-Agent. Die Anleihen sind nicht FDIC-versichert und wurden an qualifizierte institutionelle Käufer und akkreditierte Investoren verkauft.
Shore Bancshares (NASDAQ: SHBI) أكملت إصداراً خاصاً لسندات فرعية مرتبة بفائدة ثابتة تبلغ 6.25% تتحول إلى معدل فائدة متغير حتى 2035، في 13 نوفمبر 2025 بقيمة 60.0 مليون دولار. تدفع السندات معدل فائدة ثابت قدره 6.25% سنوياً لمدة خمس سنوات، ثم تُعاد ضبطها ربع السنوي إلى SOFR لمدة ثلاثة أشهر + 288 نقطة أساس. من المفترض أن تكون السندات مؤهلة كـ رأس مال تنظيمي من المستوى 2. ستستخدم العوائد الصافية لأغراض عامة للشركة ولسداد الدين القائم. وافقت الشركة على حقوق التسجيل لاستبدال السندات بسندات فرعية مسجلة. عملت Piper Sandler كوكيل رئيسي للطرح؛ وHovde Group كوكيل طرح مشارك. السندات غير مضمونة من FDIC وباعّت إلى مشترين مؤسساتيين مؤهلين ومستثمرين معتمدين.
- $60.0 million subordinated notes issued
- Notes intended to qualify as Tier 2 capital
- Fixed 6.25% annual rate for first five years
- Post‑five‑year rate resets quarterly to 3‑month SOFR + 288 bps
- Notes are subordinated debt and not FDIC insured
Insights
Shore completed a $60M subordinated note sale to bolster Tier 2 capital and repay debt, with a 6.25% fixed coupon then SOFR-linked resets.
The Company issued
Key dependencies and risks include the post‑reset funding cost tied to three‑month SOFR, the Company’s ability to complete the planned exchange registration, and the use of proceeds allocation toward existing debt. The notes are not FDIC insured and remain subordinated to depositors, which preserves loss‑absorption but increases creditor‑rank complexity.
Watch the quarterly reset spreads and the registration/exchange timing, and monitor the Company’s announced use of proceeds and any filings that quantify the debt being repaid; relevant milestones include the quarterly resets beginning after the
The Notes will initially bear interest at a fixed annual rate of
The Company intends to use the net proceeds from the private placement for general corporate purposes and the repayment of existing indebtedness.
In connection with the issuance and sale of the Notes, the Company entered into a registration rights agreement with each of the purchasers of the Notes pursuant to which the Company has agreed to take certain actions to provide for the exchange of the Notes for subordinated notes that are registered under the Securities Act of 1933, as amended (the "Securities Act"), with substantially the same terms as the Notes.
Piper Sandler & Co. served as the lead placement agent and Hovde Group, LLC served as the co-placement agent for the private placement.
This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act and may not be offered or sold in
Shore Bancshares Information
Shore Bancshares is a financial holding company headquartered in
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.
For a discussion of these risks and uncertainties, see the Company's 2024 Annual Report on Form 10-K filed with the
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SOURCE Shore Bancshares, Inc.
FAQ
What did Shore Bancshares (SHBI) announce on November 13, 2025 about capital raising?
What interest terms apply to SHBI's 6.25% subordinated notes issued November 13, 2025?
How will Shore Bancshares (SHBI) use the proceeds from the $60 million notes offering?
Do the subordinated notes issued by SHBI on November 13, 2025 carry FDIC insurance?
Who were the placement agents for Shore Bancshares' $60 million notes offering (SHBI)?
