Eagle Bancorp, Inc. Announces Final Results of its Exchange Offer for its Outstanding 10.00% Senior Notes Due 2029
Eagle Bancorp (NASDAQ: EGBN) has announced the final results of its exchange offer for its 10.00% Senior Notes due 2029. The exchange offer, which expired on January 14, 2025, saw approximately 95% participation, with $73.5 million of the total $77.7 million outstanding principal amount being validly tendered.
The exchange will allow holders to receive new notes registered under the Securities Act of 1933, with substantially identical terms to the Original Notes, except for the removal of transfer restrictions and registration rights. The settlement date is expected to be January 16, 2025.
The exchange included $72.5 million (100%) of Rule 144A notes and $1 million (19.4%) of Accredited Investor notes being tendered. Wilmington Trust, National Association served as the Exchange Agent for the transaction.
Eagle Bancorp (NASDAQ: EGBN) ha annunciato i risultati finali della sua offerta di scambio per le sue Note Senior al 10,00% in scadenza nel 2029. L'offerta di scambio, scaduta il 14 gennaio 2025, ha visto una partecipazione di circa il 95%, con 73,5 milioni di dollari dell'importo principale totale di 77,7 milioni di dollari validamente offerti.
L'offerta di scambio permetterà ai detentori di ricevere nuove note registrate ai sensi del Securities Act del 1933, con termini sostanzialmente identici a quelli delle Note Originali, fatta eccezione per la rimozione delle restrizioni di trasferimento e dei diritti di registrazione. La data di regolamento è prevista per il 16 gennaio 2025.
L'offerta di scambio ha incluso 72,5 milioni di dollari (100%) di note secondo la Regola 144A e 1 milione di dollari (19,4%) di note per Investitori Accreditati. Wilmington Trust, National Association ha svolto il ruolo di Agente di Scambio per la transazione.
Eagle Bancorp (NASDAQ: EGBN) ha anunciado los resultados finales de su oferta de intercambio para sus Notas Senior al 10,00% con vencimiento en 2029. La oferta de intercambio, que venció el 14 de enero de 2025, tuvo una participación de aproximadamente el 95%, con $73.5 millones del total de $77.7 millones en monto principal pendiente que fueron válidamente ofrecidos.
El intercambio permitirá a los tenedores recibir nuevas notas registradas bajo la Ley de Valores de 1933, con términos sustancialmente idénticos a las Notas Originales, excepto por la eliminación de las restricciones de transferencia y los derechos de registro. La fecha de liquidación se espera para el 16 de enero de 2025.
El intercambio incluyó $72.5 millones (100%) de notas según la Regla 144A y $1 millón (19.4%) de notas para Inversores Acreditados. Wilmington Trust, National Association actuó como el Agente de Intercambio para la transacción.
이글 뱅코프 (NASDAQ: EGBN)가 2029년 만기 10.00% 선순위 채권의 교환 제안 최종 결과를 발표했습니다. 교환 제안은 2025년 1월 14일에 만료되었으며, 약 95%의 참여가 있었고, 총 77.7백만 달러의 미결제 원금 중 73.5백만 달러가 유효하게 제출되었습니다.
이번 교환을 통해 채권자들은 1933년 증권법에 따라 등록된 새로운 채권을 받을 수 있으며, 이는 원래의 채권과 실질적으로 동일한 조건을 가지며 양도 제한 및 등록 권리가 제거됩니다. 정산 일자는 2025년 1월 16일로 예상됩니다.
이번 교환은 72.5백만 달러(100%)의 규칙 144A 채권과 100만 달러(19.4%)의 공인 투자자 채권이 제출되었습니다. Wilmington Trust, National Association이 거래의 교환 대행사 역할을 수행했습니다.
Eagle Bancorp (NASDAQ: EGBN) a annoncé les résultats finaux de son offre d'échange pour ses Obligations Senior à 10,00% échéant en 2029. L'offre d'échange, qui a expiré le 14 janvier 2025, a vu une participation d'environ 95%, avec 73,5 millions de dollars des 77,7 millions de dollars de montant principal en circulation ayant été valablement proposés.
Ce swap permettra aux titulaires de recevoir de nouvelles obligations enregistrées en vertu de la loi sur les valeurs mobilières de 1933, avec des termes substantiellement identiques à ceux des Obligations Originales, sauf pour la suppression des restrictions de transfert et des droits d'enregistrement. La date de règlement est prévue pour le 16 janvier 2025.
L'échange comprenait 72,5 millions de dollars (100%) d'obligations selon la règle 144A et 1 million de dollars (19,4%) d'obligations pour Investisseurs Accrédités. Wilmington Trust, National Association a agi en tant qu'Agent d'Échange pour la transaction.
Eagle Bancorp (NASDAQ: EGBN) hat die Endergebnisse seines Umtauschangebotes für seine 10,00% Senior Notes mit Fälligkeit im Jahr 2029 bekannt gegeben. Das Umtauschangebot, das am 14. Januar 2025 ablief, verzeichnete eine Teilnahme von etwa 95%, wobei 73,5 Millionen Dollar des insgesamt 77,7 Millionen Dollar ausstehenden Nennbetrags gültig angeboten wurden.
Der Tausch ermöglicht es den Inhabern, neue Notes zu erhalten, die gemäß dem Securities Act von 1933 registriert sind, mit im Wesentlichen identischen Bedingungen wie die Original Notes, mit Ausnahme der Aufhebung von Übertragungsbeschränkungen und Registrierungsrechten. Das Abreisedatum wird für den 16. Januar 2025 erwartet.
Der Tausch umfasste 72,5 Millionen Dollar (100%) von Regel 144A-Notes und 1 Million Dollar (19,4%) von Notizen für akkreditierte Investoren. Wilmington Trust, National Association fungierte als Austauschagent für die Transaktion.
- High participation rate of 95% in the exchange offer
- No changes to principal amount or fundamental terms of notes
- Removal of transfer restrictions enhances note liquidity
- Company continues to carry substantial debt with 10% interest rate
Insights
The exchange offer for Eagle Bancorp's 10.00% Senior Notes represents a successful debt restructuring with a 95% participation rate, converting
The high participation rate indicates strong bondholder confidence in EGBN's credit quality. With a market cap of
For retail investors: Think of this like converting a -access highway into a public road - same destination (maturity date) and speed limit (interest rate), but now more drivers (investors) can use it. This improved liquidity could lead to better price discovery and potentially tighter trading spreads in the secondary market.
This exchange offer complies with Section 3(a)(9) of the Securities Act, providing a streamlined method for converting restricted securities into freely tradable ones. The high participation rate of 95% across both Rule 144A (
The registration of these notes eliminates resale restrictions, potentially broadening the investor base and improving market efficiency. The mechanics of the exchange, including the use of Wilmington Trust as Exchange Agent and the clear disclosure of terms, align with SEC requirements and industry best practices.
In simpler terms: It's like upgrading from a restricted membership card to a general access pass - same benefits but fewer usage restrictions, all done through proper legal channels.
BETHESDA, Md., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (NASDAQ: EGBN) (“Eagle”) announced today that as of 5:00 p.m., New York City time, on January 14, 2025 (the “Expiration Date”),
As of the Expiration Date, the aggregate principal amount of the Original Notes specified in the fourth column in the table below were validly tendered and not validly withdrawn with respect to the Exchange Offer.
| CUSIP Number | Title of the Original Notes | Principal Amount Outstanding | Principal Amount of Original Notes Validly Tendered as of the Expiration Date | Percentage of Original Notes Validly Tendered as of the Expiration Date | ||||
| 268948 AC0 (Rule 144A) 268948 AD8 (Accredited Investor) | ||||||||
The Exchange Offer was made upon the terms and conditions set forth in a prospectus filed with the Securities and Exchange Commission (the “SEC”) on December 3, 2024 (the “Prospectus”).
The “Settlement Date” with respect to the Exchange Offer will be promptly following the Expiration Date and is expected to be January 16, 2025. Upon settlement of the Exchange Offer, holders who validly tendered their Original Notes by the Expiration Date and did not validly withdraw their tendered Original Notes before the Expiration Date are eligible to receive, subject to the terms and conditions set forth in the Prospectus, notes of the same series in the same principal amount that have been registered under the Securities Act (the “Exchange Notes”). The terms of the Exchange Notes are substantially identical to the terms of the Original Notes, except that transfer restrictions and registration rights applicable to the Original Notes do not apply to the Exchange Notes.
Wilmington Trust, National Association acted as Exchange Agent for the Exchange Offer. Questions or requests for assistance related to the Exchange Offer or for additional copies of the Prospectus may be directed to Wilmington Trust, National Association at (302) 636-6470 or at Rodney Square North 1100 North Market Street, Wilmington, Delaware 19890-1626, Attention: Workflow Management – 5th Floor. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offer.
Disclaimer
This press release is for informational purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, any Original Notes, and does not constitute an offer to sell, or a solicitation of an offer to purchase, any Exchange Notes. The Exchange Offer was made solely pursuant to the Prospectus and related documents. The Exchange Offer was not made to holders of Original Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
About Eagle Bancorp
Eagle is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. Eagle focuses on building relationships with businesses, professionals and individuals in its marketplace.
Caution About Forward-Looking Statements
This communication contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Statements with respect to the Exchange Offer are forward-looking statements, based on Eagle’s current expectations for the Exchange Offer, and are subject to the risk that the Exchange Offer may not be completed in a timely manner or at all, and that the final terms of the Exchange Offer may differ, possibly materially, from those described in this press release due to future events. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in Eagle’s Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. The forward-looking statements included in this press release are made only as of the date of this press release, and except as required by law, we undertake no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise.
EagleBank Contact
Eric Newell, Chief Financial Officer, Eagle Bancorp, Inc.
240.497.1796
FAQ
What percentage of Eagle Bancorp's (EGBN) 2029 Senior Notes were exchanged in January 2025?
What is the interest rate on Eagle Bancorp's (EGBN) 2029 Senior Notes?
When is the settlement date for EGBN's January 2025 exchange offer?
What are the main differences between EGBN's Original Notes and Exchange Notes?
How much of EGBN's Rule 144A notes were tendered in the exchange offer?
