Patriot National Bancorp extends $12M senior notes maturity to Dec 2022, rate up to 7.50%

PATRIOT NATIONAL BANCORP INC

Extended $12M in 7% Senior Notes due June 30, 2022 to December 31, 2022.
Interest rate increases to 7.25% from July 1 to Sep 30, 2022, then to 7.50% thereafter.
Extension provides additional time to complete proposed merger with American Challenger Development Corp.
Merger remains subject to closing conditions, shareholder and regulatory approvals nearing conclusion.

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