NexBank successfully completed a fifty-four million dollar subordinated debt offering in September according to an article on PR Newswire. They intend to use the proceeds for corporate purposed. This brings the amount of debt and equity raised since 2016 to two hundred and eighty-three million. A debt tender offer occurs when the firm wants to do some restructuring. It allows their debtholders the ability to repurchase bonds at a specific price point.
The notes which will mature in 2027 are non-callable for five years. They have a fixed rate interest of 6.375 for five years. The notes are registered under the Securities Act so they may not be sold in the US absent registration or exemption.
NexBank has been in the news lately for their support of some great things. One is a sponsorship of the TREC Shark Tank. This is a competition of three teams pitching their real estate projects to investors. It’s like the show Shark Tank and organized by the Real Estate Council Community Fund. The winner gets a five hundred thousand dollar investment for their project.
They also supported the Dallas Women’s Foundation’s Annual Luncheon. It was the thirty-second one. The luncheon helps support an advancement in women’s economic security and NexBank gave one hundred thousand to the cause. They also partnered with Dallas Neighborhood Homes to help provide Affordable Housing Loans to families in need in Dallas. They have a big goal to provide over one hundred loans for the next five years for low-income families and help them find a place to live.
The Dallas bank NexBank is the eleventh largest bank in Texas. It has three locations and eighty-seven plus employees. The clients of the bank include corporations across the nation, financial institutions, and institutional clients. They have three core businesses to serve these clients which are Mortgage Banking, Institutional Services, and Commercial Banking.