EverBank Financial in Jacksonville, Fla., plans to raise $90 million through a public offering of subordinated debt.
The $26.6 billion-asset holding company for EverBank plans to use the proceeds for general corporate purposes, according to a Thursday regulatory filing. The notes will carry an initial interest rate of 6% and will mature in 2026. The offering is expected to close March 14.
EverBank had indicated during its fourth-quarter earnings conference call that it may considering an issuance of “nondilutive” capital, Matthew Forgotson, an analyst at Sandler O'Neill, wrote in a research note. The debt sale will help EverBank deal with a slowdown in balance sheet growth, he said.
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Commercial loan growth fueled a 20% rise in fourth-quarter profit at EverBank Financial in Jacksonville, Fla., outweighing a sharp drop in fee income.
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“Our best sense is that this action shores up the regulatory capital profile for 2016,” Forgotson said.
Incapital and U.S. Bancorp are financial advisers to EverBank on the debt sale. Alston & Bird is legal counsel.
