4.00% fixed-to-floating rate subordinated notes due 2031
Note · Citizens Financial Services, Inc.
Reference: 4.00% fixed-to-floating rate subordinated notes due 2031
- Original principal
- USD 10,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Apr 16, 2031
Last reported interest terms: 4% at the rate per year, reset quarterly, equal to the sum of a base rate equal to the then current 90-day average secured overnight financing rate, determined on the determination date of the applicable interest period, plus 323 basis points Reported 2021-04-16 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 · 8-K · 2021-04-16 — CZFS $10 MILLION SUB DEBT CLOSING
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Issuance
· 2021-04-16
Original principal USD 10,000,000 Exact source document
Parent 8-K filing · 2021-04-16
On April 16, 2021, Citizens Financial Services, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers (the “Purchasers”) pursuant to which the Company issued and sold, at 100% of their principal amount, $10 million aggregate principal amount of the Company’s 4.00% fixed-to-floating rate subordinated notes due 2031 (the “Notes”).
Issuer evidence: On April 16, 2021, Citizens Financial Services, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers (the “Purchasers”) pursuant to which the Company issued and sold, at 100% of their principal amount, $10 million aggregate principal amount of the Company’s 4.00% fixed-to-floating rate subordinated notes due 2031 (the “Notes”).
Supporting evidence: The Notes have a stated maturity of April 16, 2031, and bear interest (i) at a fixed rate of 4.00% per year, from and including the original issue date to but excluding April 16, 2026 or the earlier redemption date, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semiannually in arrears on June 30 and December 30 of each year, beginning June 30, 2021 and (ii) from and including April 16, 2026 to but excluding the maturity date or earlier redemption date, at the rate per year, reset quarterly, equal to the sum of a base rate equal to the then current 90-day average secured overnight financing rate, determined on the determination date of the applicable interest period, plus 323 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year. The Notes are redeemable, in whole or in part, on or after April 16, 2026, and at any time upon the occurrence of certain events.
Supporting evidence: On April 16, 2021, Citizens Financial Services, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers (the “Purchasers”) pursuant to which the Company issued and sold, at 100% of their principal amount, $10 million aggregate principal amount of the Company’s 4.00% fixed-to-floating rate subordinated notes due 2031 (the “Notes”).
Supporting evidence: On April 16, 2021, Citizens Financial Services, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers (the “Purchasers”) pursuant to which the Company issued and sold, at 100% of their principal amount, $10 million aggregate principal amount of the Company’s 4.00% fixed-to-floating rate subordinated notes due 2031 (the “Notes”).