Eagle Bancorp Extends Exchange Offer for Senior Notes Due 2029
Eagle Bancorp Extends Exchange Offer for Senior Notes
Eagle Bancorp, Inc. (NASDAQ: EGBN), based in Bethesda, Maryland, has announced an important update affecting its 10.00% Senior Notes due 2029. This announcement comes with news of an extension to their previously announced exchange offer, which now allows for a longer window for holders of the notes to participate.
Details of the Exchange Offer Extension
The expiration date for this exchange offer has been shifted to 5:00 p.m. Eastern Time on January 14, 2025. This extension aims to provide additional time for noteholders to consider the benefits of exchanging their unregistered notes for those that will be registered under the Securities Act of 1933.
Understanding the Exchange Process
Original Notes that are to be exchanged must be tendered validly and not withdrawn before this new Expiration Date. Following this date, Eagle expects that the settlement for those exchanges will take place on January 16, 2025. It’s important to state that all other terms of the exchange offer, apart from the new expiration date, will remain consistent with what was previously communicated.
Current Participation Statistics
As of the previous deadline — the Original Expiration Date — a significant aggregate principal amount of Original Notes has already been tendered for the exchange. These include:
- CUSIP Numbers: 268948 AC0 (Rule 144A), 268948 AD8 (Accredited Investor)
- Title: 10.00% Senior Notes due 2029
- Principal Amount Outstanding: $72,500,000, with $5,165,000 validated for exchange
- Validly Tendered: $1,000,000
These figures indicate strong engagement from existing noteholders, with 100% of one tranche validated and nearly 20% of another segment participating as of the Original Expiration Date.
What Holders Need to Know
The Exchange Notes being offered have identical terms to the Original Notes but will not carry the same transfer restrictions. This should make them a more appealing option for investors.
Details Regarding the Prospectus
All details regarding the offer are available in the prospectus filed with the Securities and Exchange Commission (SEC). This document outlines all necessary conditions and requirements related to the exchange.
Contacting the Exchange Agent
If you have questions about the exchange or the process involved, you can reach out to Wilmington Trust, National Association. They serve as Exchange Agent and their contact number is (302) 636-6470. Furthermore, requests for additional copies of the prospectus can also be made through this channel.
About Eagle Bancorp
Eagle Bancorp, Inc. is the holding company for EagleBank, which has been operational since 1998. The bank is dedicated to fostering relationships with businesses and individuals across its market area, offering services through various banking and lending offices, tapping into the vibrant communities they serve.
Frequently Asked Questions
1. What is the new expiration date for the Exchange Offer?
The expiration date has been extended to 5:00 p.m. Eastern Time on January 14, 2025.
2. How does this affect my existing Original Notes?
Holders of Original Notes can exchange them for registered notes without transfer restrictions if they submit their notes prior to the new expiration date.
3. Who can I contact for more information about the Exchange Offer?
For assistance, you can contact Wilmington Trust, National Association at (302) 636-6470 for inquiries related to the Exchange Offer.
4. Are there any new changes to the terms of the Exchange Notes?
No, the terms of the Exchange Notes remain identical to those of the Original Notes, aside from the removal of transfer restrictions.
5. What should holders of Original Notes in book-entry form do?
They should check with their financial intermediaries regarding their submission deadlines to participate in the Exchange Offer.
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