NexBank Capital, a reputable financial services company headquartered in Dallas, recently announced that it had completed a private placement offering of $54 million. The private placement applied to the company’s subordinate notes to high net worth and institutional investors.
NexBank Capital seeks to use the proceeds from the private placement offering on general corporate issues. Inclusive of this offering, NexBank has managed to raise $283 million in equity and debt since 2016. The subordinated notes have a stated maturity of ten years and are non-callable for five years. The notes also have a fixed interest rate of 6.375 percent expected to take effect for five years.
NexBank also announced that its subordinate notes have a BBB- investment grade rating and high ratings from Kroll Bond Rating Agency. Under applicable capital regulations, they are qualified to be termed as Tier 2 capital.
The private offering for the notes was closed on September 19, 2017. Its sole placement agent was Sandler O’Neill & Partners, LP. However, the notes have not been registered with regards to the Securities Act. This means that they can not be sold or offered in the U.S.
About NexBank Capital
As a reputable financial services firm, NexBank’s services are based on three core businesses. These include institutional services, commercial banking, and mortgage banking. The firm’s services are customized to meet the demands of institutional clients, corporations, and financial institutions across the U.S. These clients achieve their business objectives through NexBank’s customized banking and financial services.
As of June 30, 2017, NexBank Capital is reported to have $6.4 billion in assets. The financial services firm attributes this success to its executive management team. The team comprises of industry leaders and experts who are on a mission to provide exceptional financial services to clients. NexBank’s professionals have also mastered the art of handling individual, corporate, and institutional customers.
James Dondero of Highland Capital Management sits on the board of directors of NexBank as the chairperson. Dondero is known for his role as president and co-founder of one of the most experienced financial services company, Highland Capital Management. He is expected to bring his management and leadership experience to NexBank’s board of directors and influence growth in the company.