LCNB Corp. Announces Closing of Subordinated Notes Offering
LCNB Corp. closed a private placement of $25.0 million in 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036, qualifying as Tier 2 capital. The company intends to use approximately $8.8 million of the net proceeds to repay existing long-term debt, with the remainder supporting general corporate purposes and growth at LCNB National Bank.
Key figures
- Coupon fixed
- 6.50%
- Maturity year
- 2036
- Principal amount
- 25000000
- Variable spread bps
- 234
- Debt repayment amount
- 8800000
AI analysis
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