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Thursday, May 14, 2015 9:34:13 AM
TAPPAHANNOCK, Va., April 22, 2015 /PRNewswire/ -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company"), the one bank holding company of EVB (the "Bank"), announced today that it has completed a private placement of $20.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes to certain institutional accredited investors. Unless earlier redeemed, the notes mature on May 1, 2025 and bear interest at a fixed rate of 6.50% per year, from and including April 22, 2015 to but excluding May 1, 2020. From and including May 1, 2020 to the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per year equal to the then current three month LIBOR rate plus 502 basis points. The Company has agreed to take steps to exchange the privately placed notes for registered notes having substantially the same terms.
The Company plans to use the net proceeds from the sale of the subordinated notes to redeem the remaining 9,000 shares outstanding of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A that were originally issued to the United States Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program (subject to regulatory approval), to enhance the Company's financial flexibility, and for general corporate purposes, including to support growth and potential acquisitions. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes. The Kroll Bond Rating Agency has assigned an investment grade rating of BBB- to the subordinated notes.
Sandler O'Neill + Partners, L.P. served as the sole placement agent for the private offering and was advised by Holland & Knight LLP. The Company was advised by Troutman Sanders LLP.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and will not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
http://www.prnewswire.com/news-releases/eastern-virginia-bankshares-inc-announces-private-placement-of-200-million-of-fixed-to-floating-rate-subordinated-notes-300070524.html
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