The Dallas-based bank NexBank completed a subordinated debt offering of $54 million back in late 2017. The company decided that the proceeds would be used for general corporate purposes. Between the year of 2016 and the end of 2017, NexBank raised just over $280 million of debt and equity.
The subordinated notes cannot be called until five years have passed. The notes will reach maturity in fall of 2027, and their interest for five years is at 6.375 percent. After five years, the notes will have have a floating interest rate. At the time of the announcement, the notes were given an investment grade of triple B, and Kroll Bond Rating Agency gave the notes a stable outlook.
The agent responsible for placing the notes was Sandler O’Neill & Partners, L.P., and according to atsondemand.com, the notes were not registered under the Securities Act at the time of the announcement about the offering.
More About NexBank
NexBank is a bank with its headquarters in the city of Dallas, Texas. They have a total of three branches, with all of them being based in Dallas. However, they serve customers in Dallas, the rest of Texas and customers located all around the country. NexBank serves an array of clients, including institutional clients, large companies/corporations and financial institutions.
NexBank Capital offers several products across three of its core services. Those services are institutional, commercial and mortgage banking services. To be more specific, NexBank offers services such as online banking, wealth management and personal banking to name a few.
The co-founder of the financial institute is James Dondero. He currently serves as the company’s president. Other executives who play a role in leading the bank are John Holt, who is the CEO, and Matt Siekielski, who is the COO. Combined, they bring a wealth of experience to the industry and they continue to lead NexBank in the right direction. For more details on Nexbank visit LinkedIn.com