Merchants Bancorp (MBIN): debt financing — Merchants Bancorp issues $158M senior credit linked notes due 2028

Merchants Bancorp

Issued $158M aggregate principal of senior credit linked notes due May 26, 2028.
Notes accrue interest at SOFR + 15.50%, payable monthly.
Net proceeds of ~$155M will be used for general corporate purposes.
Repayment linked to $1.13B reference pool of healthcare CRE loans; not secured by loans.
Transaction reduces risk-weighted assets and benefits regulatory capital ratios.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Merchants Bancorp incurred senior notes of $158 million aggregate principal amount with Computershare Trust Company, N.A. at SOFR plus 15.50% maturing May 26, 2028.

Instrument: senior notes
Principal: $158 million aggregate principal amount
Counterparty: Computershare Trust Company, N.A.
Rate: SOFR plus 15.50%
Maturity: May 26, 2028
Event: incurrence

Exact text from the filing

On March 30, 2023, Merchants Bank of Indiana (the “Bank”), a wholly owned subsidiary of Merchants Bancorp (the “Company”), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the “Notes”).

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Merchants Bancorp filing history →

Source: SEC EDGAR

accession 0001104659-23-039131

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