NORTHRIM BANCORP INC (NRIM): debt financing — Northrim BanCorp closes $60M subordinated notes offering at 6.875% fixed rate due 2035

NORTHRIM BANCORP INC

Closed private placement of $60.0M aggregate principal of 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035.
Notes bear fixed 6.875% for 5 years, then quarterly floating at 3-month SOFR + 348 basis points.
Notes qualify as Tier 2 regulatory capital; proceeds for general corporate purposes and growth initiatives.
Keefe, Bruyette & Woods served as lead placement agent; Hovde Group as co-placement agent.

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

NORTHRIM BANCORP INC incurred senior notes of $60.0 million with institutional accredited investors and qualified institutional buyers at 6.875% per year maturing December 1, 2035.

Instrument: senior notes
Principal: $60.0 million
Counterparty: institutional accredited investors and qualified institutional buyers
Rate: 6.875% per year
Maturity: December 1, 2035
Event: incurrence

Exact text from the filing

the Company issued and sold $60.0 million in aggregate principal amount of its 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035

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Source: SEC EDGAR

accession 0001163370-25-000046

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