senior credit linked notes due May 26, 2028
Note · Merchants Bank of Indiana
Reference: senior credit linked notes due May 26, 2028
- Original principal
- USD 158,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- May 26, 2028
Last reported interest terms: The Notes accrue interest at a rate equal to SOFR plus 15.50% and interest pays monthly. Reported 2023-03-30 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 · 2023-03-30 — FORM 8-K
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Issuance
· 2023-03-30
Original principal USD 158,000,000 Exact source document
Parent 8-K filing · 2023-03-30
On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
Issuer evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
Supporting evidence: The Notes accrue interest at a rate equal to SOFR plus 15.50% and interest pays monthly. The principal amount of the Notes will be reduced by a portion of the Bank’s loss on such Loans if one of the following occurs with respect to a Loan: (i) the Bank experiences a realized loss, or (ii) an expected loss is determined for any delinquent loan at the stated maturity date or upon early redemption. However, such reduction will not occur until aggregate realized or expected losses reach more than one percent of the principal balance of the Loans. The Bank has the right to redeem the Notes in full upon the occurrence of certain regulatory events.
Supporting evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
Supporting evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.