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Northfield Bancorp, Inc. Completes Private Placement of $62.0 Million of Subordinated Notes
WOODBRIDGE, N.J., June 17, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, announced
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"WOODBRIDGE, N.J., June 17, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, announced today the completion of a private placement offering of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”), in the aggregate principal amount of $62.0 million, to certain qualified institutional buyers. The Company intends to use the net proceeds for general corporate purposes, including to fund potential repurchases of shares of the Company’s outstanding common stock. The Notes are intended to qualify as Tier 2 capital for the Company for regulatory capital purposes. The Notes mature on June 30, 2032, unless redeemed earlier. The Notes initially bear interest, payable semi-annually in arrears, at a fixed rate of 5.00% per annum until June 30, 2027. Beginning June 30, 2027 and until maturity or redemption, the interest rate applicable to the outstanding principal amount of the Notes due will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate (SOFR) plus 200 basis points, payable quarterly in arrears. The Company has the option to redeem the Notes, at par and in whole or in part, beginning on June 30, 2027. In connection with the issuance and sale of the Notes, the Company entered into a registration rights agreement with the purchasers of the Notes pursuant to which the Company has agreed to take certain actions to provide for the exchange of the Notes for subordinated notes that are registered under the Securities Act of 1933, as amended, with substantially the same terms as the Notes. Luse Gorman, PC served as legal counsel to the Company. Piper Sandler & Co. served as lead placement agent and D.A. Davidson & Co. served as co-placement agent. Kilpatrick Townsend & Stockton LLP served as legal counsel to Piper Sandler & Co. and D.A. Davidson & Co. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which ...