COASTAL FINANCIAL CORP (CCB): debt financing — Coastal Financial closes $20M private placement of 7% fixed-to-floating subordinated notes due 2032

COASTAL FINANCIAL CORP

Issued $20M aggregate principal of 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032.
Interest fixed at 7.00% for first five years, then resets quarterly to 3-month SOFR plus 290 bps.
Net proceeds used for general corporate purposes; notes are unsecured, subordinated, and not FDIC-insured.
May be redeemed in whole or part on or after November 1, 2027, or upon certain capital/tax events.
Keefe, Bruyette & Woods served as sole placement agent; offering exempt from registration.

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

COASTAL FINANCIAL CORP incurred senior notes of $20 million at 7.00% per annum maturing November 1, 2032.

Instrument: senior notes
Principal: $20 million
Rate: 7.00% per annum
Maturity: November 1, 2032
Event: incurrence

Exact text from the filing

the Company issued and sold $20 million in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032 (the “Notes”).

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

COASTAL FINANCIAL CORP entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers valued at $20 million (effective 2022-11-01).

Action: entry
Agreement: notes offering
Counterparty: certain qualified institutional buyers
Value: $20 million
Effective: 2022-11-01

Exact text from the filing

On November 1, 2022, Coastal Financial Corporation, a Washington corporation (the “Company”) entered into Subordinated Note Purchase Agreements (the “Note Purchase Agreements”) with certain qualified institutional buyers pursuant to which the Company issued and sold $20 million in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032

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COASTAL FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001437958-22-000028

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