Amerant Bancorp Inc. Announces Offering of Senior Notes Due 2025

Rhea-AI Summary

AMERANT BANCORP INC. (NASDAQ: AMTB) has announced a registered public offering of senior notes due 2025. The notes will rank equally with existing unsecured and unsubordinated debts and are guaranteed by its subsidiary, Amerant Florida Bancorp Inc. Proceeds will be utilized for general corporate purposes, including supporting organic growth and repaying indebtedness. The offering is subject to market conditions, and no assurance can be given regarding its completion or terms. Raymond James & Associates, Inc. will serve as the sole book-running manager for the offering.

Positive

• Proceeds will support organic growth of Amerant Bank.
• Funding may facilitate opportunistic acquisitions in financial services.

Negative

• Offering may lead to shareholder dilution.
• Market conditions may delay the offering's completion.

CORAL GABLES, Fla., June 16, 2020 (GLOBE NEWSWIRE) -- AMERANT BANCORP INC. (NASDAQ: AMTB and AMTBB) (the “Company”) today announced the commencement of a registered public offering of senior notes due 2025 (the “Notes”). The Notes will be unsecured and unsubordinated will rank equally with all of the Company’s existing and future unsecured and unsubordinated indebtedness. The Notes will be fully and unconditionally guaranteed by the Company’s wholly-owned subsidiary, Amerant Florida Bancorp Inc. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, providing capital to support the organic growth of Amerant Bank, N.A., the Company’s wholly-owned bank subsidiary, funding the opportunistic acquisition of similar or complementary financial service organizations and repaying outstanding indebtedness. 

Raymond James & Associates, Inc. will act as the sole book-running manager for the proposed offering.    

The Notes will be offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-238958) previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on June 15, 2020. A preliminary prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, by e-mail at prospectus@raymondjames.com, or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering and the accompanying prospectus.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements regarding the proposed offering and the intended use of proceeds from the offering and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” and other similar words and expressions of the future.

Forward-looking statements, including those as to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2019, our quarterly report on Form 10-Q for the quarter ended March 31, 2020 and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.

About Amerant Bancorp Inc.

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida. The Company operates through its subsidiaries, Amerant Bank, N.A. (the “Bank”), Amerant Investments, Inc., Amerant Trust, N.A. and Elant Bank and Trust Ltd. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the largest community bank headquartered in Florida. The Bank operates 27 banking centers—19 in South Florida and 8 in the Houston, Texas area—and loan production offices in Dallas, Texas and New York, New York. For more information, please visit www.amerantbank.com or our investor relations page at https://investor.amerantbank.com.

CONTACTS:

Investors
InvestorRelations@amerantbank.com
(305) 460-8728

Media
media@amerantbank.com
(305) 441-8414

 

FAQ

What is the purpose of AMTB's public offering of senior notes?

The proceeds from the offering will be used for general corporate purposes, including supporting organic growth and repaying existing debts.

When are the senior notes offered by AMTB due?

The senior notes are due in 2025.

Who is managing the senior notes offering for AMTB?

Raymond James & Associates, Inc. is the sole book-running manager for the offering.

What risks are associated with AMTB's public offering?

There is a risk of shareholder dilution and uncertainties regarding the completion of the offering due to market conditions.