University Bancorp, Inc. Issues $25 Million of Subordinated Notes
University Bancorp (UNIB) closed a $25M private placement of subordinated notes due 2036. Proceeds will be used for general corporate purposes, including increasing common equity. The notes have a fixed 8.125% interest rate for 5 years, then float at SOFR + 355 bps. The company also entered a $25M interest rate swap to fix rates for the second 5 years. Piper Sandler acted as placement agent.