LCNB closes USD 25 million subordinated notes offering - LCNB News | RalliesLCNB closes USD 25 million subordinated notes offering
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LCNB• Subordinated notes offering completed
- LCNB closed a private placement of USD 25 million 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036.
- Proceeds are earmarked to repay about USD 8.8 million of existing long-term debt, with the balance for general corporate purposes.
- The notes pay 6.50% fixed for five years, then reset to 3-month SOFR + 234 basis points.
- The notes are callable on any interest payment date from Aug. 15, 2031.
- The offering was structured to qualify as Tier 2 capital for regulatory purposes.
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