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Patriot National Bancorp Announces Completion of $12 Million Senior Debt Offering
STAMFORD, Conn., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company
About this update from Patriot National Bancorp Inc.
[{"type":"text","content":"STAMFORD, Conn., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, National Association (the “Bank”), today announced the issuance and sale (the “Offering”) of $12 million in aggregate principal amount of 8.50% Fixed-Rate Senior Notes due 2026 (the “Notes”). The Company used the proceeds from the Offering to repay in full its 7.50% Senior Notes, due on December 31, 2022. The Notes bear interest at a fixed annual rate of 8.50%, payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2023. The Notes’ maturity date is January 15, 2026. The Company is entitled to redeem the Notes, in whole or in part, on or after January 15, 2025, and to redeem the Notes at any time in whole upon certain other events, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date. Michael Carrazza, Chairman of Patriot, said, “The refinancing of Patriot’s senior notes sets a new maturity for Patriot’s senior notes, providing sufficient time for our team to execute on a number of strategic objectives that are underway. We are pleased by the support of existing and new lenders that have participated in this offering.” Keefe, Bruyette & Woods, A Stifel Company and PNC FIG Advisory, part of PNC Capital Markets LLC, acted as joint placement agents for the offering of the Notes. Squire Patton Boggs (US) LLP served as legal counsel to the placement agents, and Blank Rome LLP served as legal counsel to the Company. 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 offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corpora...