Issuer:
|
Amerant Bancorp Inc. (the “Company”)
|
Guarantor:
|
Amerant Florida Bancorp Inc.
|
Expected Ratings:*
|
BBB- by Kroll Bond Rating Agency
|
A- by Egan-Jones Ratings Company
|
|
Security Type:
|
Senior Unsecured Notes (the “Notes”)
|
Securities:
|
5.75% Notes due 2025
|
Prior Offering:
|
$46,000,000 of the Notes were priced on June 16, 2020
|
Principal Amount:
|
$14,000,000
|
Maturity:
|
June 30, 2025
|
Coupon (Interest Rate):
|
5.75%
|
Price to Public:
|
100.00% of the principal amount
|
Fungibility with the Prior Offering:
|
The Notes have the same terms as the Notes priced on June 16, 2020 and will comprise a single issuance of $60,000,000 aggregate principal amount with those Notes.
|
Use of Proceeds:
|
We estimate that the net proceeds from the sale of the Notes, after deducting the underwriting discounts and certain offering expenses, will be approximately $13,790,000. We intend 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., funding the opportunistic acquisition of similar or
complementary financial service organizations and repaying outstanding indebtedness.
|
Underwriting Discount |
1.5%.
The Underwriter will reimburse the Company up to $25,000 for all reasonable and documented out-of-pocket expenses in connection herewith.
|
Conflicts of Interest:
|
Amerant Investments, Inc., Amerant Bank, N.A.’s securities broker-dealer subsidiary, will participate in the offering as a dealer with a concession from the public offering price of 50
basis points. Therefore, Amerant Investments is deemed to have a “conflict of interest” under FINRA Rule 5121 and, accordingly, the offering of the Notes will comply with the applicable requirements of FINRA Rule 5121. The appointment of a
“qualified independent underwriter” is not necessary in connection with this offering as the Notes are investment grade rated securities.
|
Yield to Maturity:
|
5.75%
|
Interest Payment Dates:
|
Semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020
|
Record Date:
|
The 15th calendar day immediately preceding the applicable Interest Payment Date
|
Par Call:
|
On or after March 30, 2025 (three months prior to the maturity date)
|
Trade Date:
|
June 19, 2020
|
Settlement Date:
|
June 23, 2020 (T + 2)
|
Denominations:
|
Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof
|
CUSIP / ISIN:
|
023576 AA9 / US023576AA95
|
Sole Book-Running Manager:
|
Raymond James & Associates, Inc.
|