QUAINT OAK BANCORP, INC. (QNTO): debt financing — Quaint Oak Bancorp completes $12M subordinated debt offering at 8.50% due 2025

QUAINT OAK BANCORP, INC.

Issued $12.0M aggregate principal of fixed-rate subordinated notes due March 15, 2025.
Notes bear interest at 8.50% per annum, payable semi-annually on March 15 and September 15.
Net proceeds to be used for general corporate purposes; notes redeemable after March 15, 2024.
Notes are unsecured, subordinated obligations ranking junior to all senior indebtedness.
PNC FIG Advisory served as exclusive placement agent for the private offering.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

QUAINT OAK BANCORP, INC. incurred senior notes of $12.0 million with qualified institutional buyers at 8.50% maturing March 15, 2025.

Instrument: senior notes
Principal: $12.0 million
Counterparty: qualified institutional buyers
Rate: 8.50%
Maturity: March 15, 2025
Event: incurrence

Exact text from the filing

On March 2, 2023, Quaint Oak Bancorp, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with qualified institutional buyers under which the Company issued an aggregate of $12.0 million of fixed rate subordinated notes due March 15, 2025 (the “Notes”) in a private placement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUAINT OAK BANCORP, INC. entered into Subordinated Note Purchase Agreement with qualified institutional buyers valued at $12.0 million (effective 2023-03-02).

Action: entry
Agreement: notes offering
Counterparty: qualified institutional buyers
Value: $12.0 million
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, Quaint Oak Bancorp, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with qualified institutional buyers under which the Company issued an aggregate of $12.0 million of fixed rate subordinated notes due March 15, 2025 (the “Notes”) in a private placement.

View on SEC.gov

8 debt financings filed in the last 30 days. Browse all debt financings →

QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-23-000020

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