6.000% fixed-to-floating rate subordinated note due 2030
Note · Blue Ridge Bankshares, Inc.
Reference: 6.000% fixed-to-floating rate subordinated note due 2030
- Original principal
- USD 15,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Jun 1, 2030
Last reported interest terms: 6% the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR (as defined in the Note) plus 587 basis points, payable quarterly in arrears Reported 2020-05-29 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
-
Issuance
· 2020-05-28
Original principal USD 15,000,000 Exact source document
Parent 8-K filing · 2020-05-29
On May 28, 2020, Blue Ridge Bankshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with an institutional investor pursuant to which the Company sold and issued a 6.000% fixed-to-floating rate subordinated note due 2030 (the “Note”) with a principal amount of $15.0 million.
Issuer evidence: On May 28, 2020, Blue Ridge Bankshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with an institutional investor pursuant to which the Company sold and issued a 6.000% fixed-to-floating rate subordinated note due 2030 (the “Note”) with a principal amount of $15.0 million.
Supporting evidence: The Note will initially bear interest at 6.000% per annum, beginning May 28, 2020 to but excluding June 1, 2025, payable semi-annually in arrears. From and including June 1, 2025 to but excluding June 1, 2030, or up to an earlier redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR (as defined in the Note) plus 587 basis points, payable quarterly in arrears. Beginning on June 1, 2025 through maturity, the Note may be redeemed, at the Company’s option, on any scheduled interest payment date. The Note will mature on June 1, 2030. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the purchaser of the Note, on the other hand.
Supporting evidence: On May 28, 2020, Blue Ridge Bankshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with an institutional investor pursuant to which the Company sold and issued a 6.000% fixed-to-floating rate subordinated note due 2030 (the “Note”) with a principal amount of $15.0 million.