Eagle Bancorp, Inc. Announces Pricing and Upsizing of Subordinated Notes Offering
22 Juli 2016 - 12:00PM
Eagle Bancorp, Inc. (NASDAQ:EGBN) (the “Company”), the parent
company of EagleBank, Bethesda, Maryland (the “Bank”), announced
that on July 21, 2016 it had set the price for its public offering
of $150.0 million of its 5.00% Fixed-to-Floating Rate Subordinated
Notes due 2026 (the “Notes”). The Notes will initially bear
interest at 5.00% per annum, payable semi-annually in arrears,
commencing on the issue date, to, but excluding, August 1,
2021, and, thereafter, payable quarterly in arrears, at an annual
floating rate equal to three-month LIBOR as determined for the
applicable quarterly period, plus 3.85%. The Notes will
mature on August 1, 2026. The Notes have been offered to the
public at par. Based upon the pricing and demand for the Notes, the
Company elected to increase the aggregate principal amount of the
Notes to $150.0 million from the previously announced amount of
$75.0 million.
The Company plans to use the net proceeds of the
offering for general corporate purposes, including but not limited
to contribution of capital to its subsidiaries, including
EagleBank, to support continued growth.
Sandler O’Neill + Partners, L.P. is acting as
book-running manager for the offering and Keefe, Bruyette &
Woods, A Stifel Company is co-manager.
The Subordinated Notes will be issued and sold
pursuant to an effective shelf registration statement (File No.
333-202405), the base prospectus included in the registration
statement, and a prospectus supplement relating to the offering of
the Notes filed with the Securities and Exchange Commission (the
“SEC”). Before you invest, you should read the base prospectus in
the registration statement, the prospectus supplement relating to
the offering and other documents the Company has filed with the SEC
for more complete information about the Company and the Offering.
You may obtain copies of the preliminary prospectus supplement and
accompanying base prospectus relating to the offering without
charge by visiting the SEC’s website at www.sec.gov, or from
Sandler O'Neill + Partners, L.P. at Attention: Syndicate, 1251
Avenue of the Americas, 6th Floor, New York, NY 10020, or by
calling toll-free at (866)-805-4128, or by e-mail at
syndicate@sandleroneill.com, or from Keefe, Bruyette & Woods, A
Stifel Company, at 787 Seventh Avenue, Fourth Floor, New York, NY
10019, by e-mail at USCapitalMarkets@kbw.com, by fax at
212-581-1592, or by calling 1-800-966-1559.
This press release is for informational purposes
only and is not an offer to sell or the solicitation of an offer to
sell any security of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of any security in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities are
neither insured nor approved by the Federal Deposit Insurance
Corporation.
About Eagle Bancorp: The
Company is the holding company for the Bank which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and conducts full service commercial banking through
twenty offices, located in Montgomery County, Maryland, Washington,
D.C., and Northern Virginia. The Company focuses on building
relationships with businesses, professionals and individuals in its
marketplace.
Forward-Looking Statements. This press
release contains forward-looking statements within the meaning of
the Securities and Exchange Act of 1934, as amended, including
statements of goals, intentions, and expectations as to future
trends, plans, events or results of Eagle’s operations and policies
and regarding general economic conditions. These forward-looking
statements include, but are not limited to, statements about
Eagle’s plans, obligations, expectations and intentions. In some
cases, forward-looking statements can be identified by use of words
such as “may,” “will,” “anticipates,” “believes,” “expects,”
“plans,” “estimates,” “potential,” “continue,” “should,” and
similar words or phrases. These statements are based upon the
beliefs of the management of Eagle as to the expected outcome of
future events, current and anticipated economic conditions,
nationally and in its market, and their impact on the operations
and assets of Eagle, interest rates and interest rate policy,
competitive factors, and other conditions which by their nature,
are not susceptible to accurate forecast and are subject to
significant uncertainty. For details on factors that could affect
these expectations, see the risk factors and other cautionary
language included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2015 and in other periodic and current
reports filed with the SEC. Because of these uncertainties and the
assumptions on which this discussion and the forward-looking
statements are based, actual future operations and results in the
future may differ materially from those indicated herein.
Readers are cautioned against placing undue reliance on such
forward-looking statements. Past results are not necessarily
indicative of future performance. Eagle assumes no obligation
to revise, update, or clarify forward-looking statements to reflect
events or conditions after the date of this release.
EAGLE BANCORP, INC.
CONTACT:
Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024