Avidbank Holdings closes $30 million subordinated debt offering
AVBH•Avidbank closes subordinated notes placement
Avidbank Holdings closed a $30 million private placement of fixed-to-floating rate subordinated notes.
Net proceeds are earmarked to repurchase or redeem $22 million of outstanding callable subordinated notes, with the remaining funds for general corporate purposes.
The notes mature Sept. 1, 2036 and will pay 7% fixed for five years, then float at three-month SOFR plus 291 basis points.
The issuer call option begins Sept. 1, 2031 on any interest payment date; earlier redemption is permitted under specified events.
