University Bancorp issues $25 million of subordinated notes in private placement
Bitget2026/09/29 21:40- University Bancorp closed a USD 25 million private placement of Fixed-to-Floating Rate Subordinated Notes due 2036.
- Net proceeds earmarked for general corporate purposes, including boosting bank subsidiary common equity, redeploying capital, or redeeming outstanding notes.
- Notes pay 8.125% fixed for five years, then float quarterly at three-month SOFR plus 355 basis points.
- Callable from Oct. 30, 2031 on any interest payment date, with earlier redemption permitted upon specified events.
- A USD 25 million five-year forward interest rate swap at 4.70% fixes the second five years at 8.25%.
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