5.25% fixed-to-floating rate subordinated note due 2032
Note · John Marshall Bancorp, Inc.
Reference: 5.25% fixed-to-floating rate subordinated note due 2032
- Original principal
- USD 25,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Jul 1, 2032
Last reported interest terms: 5.25% the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR (as defined in the Note) plus 245 basis points for each quarterly interest period during the Floating Rate Period. Reported 2022-06-15 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
· 2022-06-15
Original principal USD 25,000,000 Exact source document
Parent 8-K filing · 2022-06-15
On June 15, 2022, John Marshall Bancorp, Inc. (the “Company”) completed its issuance and sale of $25,000,000 in aggregate principal amount of a 5.25% fixed-to-floating rate subordinated note due 2032 (the “Note”) pursuant to the Subordinated Note Purchase Agreement, dated June 15, 2022 (the “Note Purchase Agreement”), by and among the Company and the purchaser named therein (the “Purchaser”).
Issuer evidence: On June 15, 2022, John Marshall Bancorp, Inc. (the “Company”) completed its issuance and sale of $25,000,000 in aggregate principal amount of a 5.25% fixed-to-floating rate subordinated note due 2032 (the “Note”) pursuant to the Subordinated Note Purchase Agreement, dated June 15, 2022 (the “Note Purchase Agreement”), by and among the Company and the purchaser named therein (the “Purchaser”).
Supporting evidence: The Note will mature on July 1, 2032. From and including June 15, 2022, to, but excluding, July 1, 2027 or the date of earlier redemption, the Company will pay interest on the Note semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2023, at a fixed interest rate of 5.25% per annum. From and including July 1, 2027, to the maturity date or the date of earlier redemption (the “Floating Rate Period”), the Company will pay interest on the Note at a floating interest rate. The floating interest rate will be reset quarterly, and the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR (as defined in the Note) plus 245 basis points for each quarterly interest period during the Floating Rate Period. Interest payable on the Note during the Floating Rate Period will be paid quarterly in arrears on January 1, April 1, July 1 and October 1, of each year, commencing on October 1, 2027.
Supporting evidence: On June 15, 2022, John Marshall Bancorp, Inc. (the “Company”) completed its issuance and sale of $25,000,000 in aggregate principal amount of a 5.25% fixed-to-floating rate subordinated note due 2032 (the “Note”) pursuant to the Subordinated Note Purchase Agreement, dated June 15, 2022 (the “Note Purchase Agreement”), by and among the Company and the purchaser named therein (the “Purchaser”).
Supporting evidence: On June 15, 2022, John Marshall Bancorp, Inc. (the “Company”) completed its issuance and sale of $25,000,000 in aggregate principal amount of a 5.25% fixed-to-floating rate subordinated note due 2032 (the “Note”) pursuant to the Subordinated Note Purchase Agreement, dated June 15, 2022 (the “Note Purchase Agreement”), by and among the Company and the purchaser named therein (the “Purchaser”).