NexBank Capital completes private placement of subordinated notes

Dallas-based NexBank Capital Inc. completed a private placement of $62 million of its 6.00% fixed- to floating-rate subordinated notes due July 15, 2032.

NexBank Capital plans to use the proceeds of the private placement for general corporate purposes and to repurchase a portion of its existing debt.

The notes will initially bear interest at a fixed rate of 6.00% for five years. Afterward, the interest rate will be reset quarterly to a per annum floating rate equal to the then-current three-month term secured overnight financing rate plus 299 basis points, according to a news release.