Business
Patriot National Bancorp Extends Maturity of $12 million of Senior Notes
STAMFORD, Conn., June 24, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK) announced today that it had formally extended the
About this update from Patriot National Bancorp Inc.
[{"type":"text","content":"STAMFORD, Conn., June 24, 2022 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK) announced today that it had formally extended the maturity of its $12 million senior notes (the “Notes”) that were to mature on June 30, 2022. The extension provides for a new maturity date of December 31, 2022. The interest rate shall be increased 25bps from 7.0% to 7.25% per annum from the period of July 1, 2022, through September 30, 2002. In the event the Notes remain outstanding beyond September 30, 2022, the interest rate shall be increased another 25bps to 7.50% per annum through the maturity date. The notes can be repaid anytime on or before December 31, 2022. The purpose of the extension is to provide Patriot with the additional time needed to complete the proposed merger of American Challenger Development Corp. (“American Challenger”) into Patriot, which was announced on November 15, 2021. Completion of the merger remains subject to certain closing conditions, shareholder approval and regulatory approval, which is nearing conclusion. Cautionary Statement About Forward-Looking Statements: This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding business plans and future performance of Patriot. Words such as “anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"forecasts,\" \"intends,\" \"plans,\" \"projects,\" “targets,” “designed,” \"could,\" \"may,\" \"should,\" \"will\" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Patriot’s current expectations and assumptions regarding Patriot’s businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect Patriot’s future financial results and performance and could cause the actual results, performance or achievements of Patriot to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipa...