QUAINT OAK BANCORP, INC. (QNTO): debt financing — Quaint Oak Bancorp issues $10M senior unsecured notes at 11% to repay maturing subordinated debt

QUAINT OAK BANCORP, INC.

Issued $9.75M (plus $250k committed) of 11.00% Fixed Rate Senior Unsecured Notes due March 1, 2028.
Net proceeds to repay $14M of 8.5% Fixed Rate Subordinated Notes maturing March 15, 2025.
Notes rank pari passu with existing senior unsecured debt; unsecured and effectively subordinate to secured debt.
Piper Sandler & Co. served as exclusive placement agent.
Updated Risk Factors filed as Exhibit C, superseding those in 2023 10-K.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QUAINT OAK BANCORP, INC. incurred senior notes of $9.75 million with certain institutional accredited investors at 11.00% maturing March 1, 2028.

Instrument: senior notes
Principal: $9.75 million
Counterparty: certain institutional accredited investors
Rate: 11.00%
Maturity: March 1, 2028
Event: incurrence

Exact text from the filing

On February 21, 2025, Quaint Oak Bancorp, Inc. (the “Company”) entered into a Senior Unsecured Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement.

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QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-25-000054

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