The Bancorp, Inc. (NASDAQ: TBBK) announced the completion of a $200 million Senior Note offering.
The Notes were sold at par, resulting in approximately $197.0 million in net proceeds after underwriting discounts.
The company plans to use the proceeds to redeem existing Senior Notes, fund share repurchase programs, and for general corporate purposes.
Senior Note Offering Completion
The Bancorp completed a $200 million Senior Note offering at par with net proceeds around $197.0 million.
Usage of Proceeds
Proceeds will be used to redeem or repay existing Senior Notes, fund share repurchase programs, and for general corporate purposes.
Underwriters
Piper Sandler & Co. and Raymond James & Associates, Inc. acted as book-running managers for the offering.
- The successful completion of the Senior Note offering indicates investor confidence in The Bancorp, Inc.'s financial standing and future plans.
- Redeeming existing Senior Notes and funding share repurchase programs demonstrate the company's focus on optimizing its financial structure and enhancing shareholder value.
The Bancorp, Inc.'s strategic move to raise funds through Senior Note offerings showcases its commitment to financial stability and growth opportunities in the market.