Patriot National Bancorp sells USD 10 million of 8.5% fixed-to-floating subordinated notes due 2036
PNBK•Subordinated notes offering terms
Patriot National Bancorp entered subordinated note purchase agreements with qualified institutional buyers for USD 10 million of 8.5% Fixed to Floating Rate Subordinated Notes due 2036.
- The notes pay 8.5% fixed interest through Sept. 30, 2031, then reset quarterly to three-month SOFR (floored at 0) + 416 basis points.
- The company can redeem all or part of the notes on or after Sept. 30, 2031, subject to required regulatory approval.
- The notes are unsecured, subordinated to senior indebtedness, not holder-puttable, not convertible, and are intended to qualify as Tier 2 capital.
