A Dallas-based Bank Announces Its Successful Completion Of $54 Million Subordinated Debt Submission

Nexbank Capital, a popular financial services company based in Dallas, recently announced that it has successfully completed a $54 million subordinated debt submission. According to PRNewswire, Nexbank completed the placement of its fixed-to-floating rate subordinated notes to undisclosed institution and investors. The management of Nexbank Capital, Inc. has reportedly explained that the company intends to use the profits for its general corporate operations. It is estimated that this recent deal has now seen the company raise $283 million of debt and equity within the last one year.

The offering is non-callable for five years, has a fixed interest rate of 6.375% and is slated to mature on September 30, 2027. After the first five years, the notes will be on a floating rate based on three month LIBOR of 458.5 basis points. Nexbank’s notes have been assigned, by Kroll Bond Rating Agency, an investment grade rating of BBB with a stable outlook and are categorized as Tier 2 capital under capital regulations.

The submission, which closed on September 19, 2017, was sealed through Sandler O’Neill & Partners, L.P. The agency served as the sole placement agent. The notes are however not registered under the Securities Act.

About Nexbank Capital, Inc

Nexbank is a reputable financial services company headquartered in Dallas, Texas. The firm works hard every day to deliver unique value for every opportunity. Through its team of qualified and experienced experts, the company presents a platform that enables its clients to access comprehensive and customized business solutions.

Nexbank Capita focuses on three main business areas, including Mortgage Banking, Institutional, and Commercial Banking Services. The company’s target market include; individuals, institutional clients, corporations, and financial institutions. The firm also offers online banking services.

Nexbank was chartered in 1922 and currently has an asset base of about $7.6 billion. It has been rated the 4th and 10th largest bank in Dallas and Texas respectively. The company currently provides housing and consumer loans to more than 2000 Texans. It also supports the local community through its financial literacy sponsorship programs in 12 public schools in Dallas County.

Leave a Reply

Your email address will not be published. Required fields are marked *