NEW YORK (August 26, 2020) – Holland & Knight advised the placement agents, Piper Sandler & Co., Keefe, Bruyette & Woods and Jefferies LLC, in the $106 million private placement of subordinated notes by CRB Group, Inc., the parent company of Cross River Bank, which is a New Jersey state-chartered FDIC insured bank. The offering closed on August 18.
The notes have a maturity date of September 1, 2030 and carry a fixed rate of interest of 6.50% for the first five years. Thereafter, the notes will pay interest at 3-month SOFR plus 638 basis points, payable quarterly in arrears. The notes include a right of prepayment without penalty on or after September 1, 2025. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes. The net proceeds from the offering will be used for general corporate purposes, including to support the growth of the company.
Piper Sandler & Co. served as the lead placement agent and Keefe, Bruyette & Woods and Jefferies LLC acted as co-placement agents for the offering.
The Holland & Knight team that represented the placement agents on this transaction consisted of Partners Paul Aguggia, Kevin Houlihan, Mark Goldschmidt and Associate Amelia Occhino.
Holland & Knight has served as legal counsel to issuers, placement agents and underwriters in a number of bank and bank holding company subordinated and senior debt transactions totaling approximately $600 million in principal amount of such offerings over the last several months.
More information about the transaction can be found here.
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