NB Bancorp completes $100 million subordinated debt private placement
NBBK•NB Bancorp completed a $100 million private placement of subordinated notes due 2036, paying 7.5% fixed interest for five years before resetting quarterly to three-month SOFR plus 305 basis points.
1. Debt placement terms
The notes pay fixed interest at 7.5% semiannually for the first five years. After that, the rate resets quarterly to three-month SOFR plus 305 basis points. Net proceeds will fund general corporate purposes, and Kroll Bond Rating Agency rated the notes BBB-.
