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The parent company of Rockland Trust is raising a private placement offering to help fund general corporate activities.
The company said recently it has issued $50 million to institutional accredited investors in aggregate principal amount of fixed-to-floating rate subordinated notes that will be due in 2029.
The company expects the notes to qualify as tier 2 capital for regulatory capital purposes, subject to applicable limitations. Rockland’s parent plans to use the net proceeds from the private placement offering for purposes that may include the redemption of outstanding indebtedness, financing organic growth and acquisitions.
The notes have a maturity date of March 15, 2029, and carry a fixed rate interest of 4.75 percent annually. From and including March 15, 2024 to but excluding the maturity date or any early redemption date, the interest rate will be reset quarterly to an interest rate equal to the then current three-month LIBOR rate plus 219 basis points, payable quarterly in arrears.
