PATRIOT NATIONAL BANCORP INC (PNBK): debt financing — Patriot National Bancorp issues $12M 8.50% senior notes due 2026, repays 7.50% notes

PATRIOT NATIONAL BANCORP INC

$12M aggregate principal of 8.50% Fixed Rate Senior Notes due 2026 issued at 100% face value.
Proceeds used to fully repay the 7.50% Senior Notes due December 31, 2022.
Notes mature January 15, 2026; interest paid semi-annually starting July 15, 2023.
Company may redeem notes on/after January 15, 2025 at 100% principal plus accrued interest.
Notes are unsecured, unsubordinated obligations; not guaranteed by affiliates.

item 1.01 item 2.03 item 7.01 item 9.01

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

PATRIOT NATIONAL BANCORP INC incurred senior notes of $12,000,000 at 8.50% maturing January 15, 2026.

Instrument: senior notes
Principal: $12,000,000
Rate: 8.50%
Maturity: January 15, 2026
Event: incurrence

Exact text from the filing

On December 21, 2022, Patriot National Bancorp, Inc. (the “Company”) completed the issuance and sale (the “Offering”) of $12,000,000 in aggregate principal amount of 8.50% Fixed Rate Senior Notes due 2026 (the “Notes”)

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

PATRIOT NATIONAL BANCORP INC entered into Note Purchase Agreement with the Purchasers valued at $12,000,000 (effective 2022-12-21).

Action: entry
Agreement: notes offering
Counterparty: the Purchasers
Value: $12,000,000
Effective: 2022-12-21

Exact text from the filing

On December 21, 2022, Patriot National Bancorp, Inc. (the “Company”) completed the issuance and sale (the “Offering”) of $12,000,000 in aggregate principal amount of 8.50% Fixed Rate Senior Notes due 2026 (the “Notes”) pursuant to Senior Note Purchase Agreements, dated December 21, 2022 (collectively, the “Note Purchase Agreement”), by and among the Company and the purchasers named therein (the “Purchasers”).

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Source: SEC EDGAR

accession 0001437749-22-029542

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