Hanmi Closes $100 Million Subordinated Debt Offering
March 21 2017 - 1:05PM
Hanmi Financial Corporation (NASDAQ:HAFC)
(“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today
announced that it has closed its previously announced underwritten
public offering of $100 million aggregate principal amount of its
fixed-to-floating rate subordinated notes (the “Notes”) due March
2027. The Notes will initially bear a fixed interest rate of 5.45%
per year. Commencing on March 30, 2022, the interest rate on
the Notes resets quarterly to the three-month LIBOR rate plus a
spread of 331.5 basis points, payable quarterly in arrears.
The Company received gross proceeds of $100
million, and estimates net proceeds from the offering to be
approximately $97.7 million after deducting underwriting discounts
and estimated expenses. The Company plans to use the net
proceeds from the Notes offering for general corporate purposes,
which may include advances to the Bank to finance its
activities
Sandler O’Neill + Partners, L.P. served as the
lead book running manager. Keefe, Bruyette & Woods, A Stifel
Company, served as a passive book running manager.
Any offering of the Notes is being made only by
means of a prospectus supplement and accompany base
prospectus. Copies of the final prospectus supplement and
accompanying base prospectus relating to the offering of the Notes
may be obtained by visiting EDGAR on the Securities and Exchange
Commission’s website at www.sec.gov. Alternatively, the
underwriters will send you these documents if you request them by
contacting Sandler O’Neill + Partners, L.P. at toll-free
1-866-805-4128 or by emailing syndicate@sandleroneill.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the Notes, in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Hanmi Financial Corporation Headquartered
in Los Angeles, California, Hanmi Financial Corporation owns Hanmi
Bank, which serves multi-ethnic communities through its network of
41 full-service branches and 6 loan production offices in
California, Texas, Illinois, Virginia, New Jersey, New York,
Colorado, Washington and Georgia. Hanmi Bank specializes in real
estate, commercial, SBA and trade finance lending to small and
middle market businesses.
Forward-Looking Statements This press release
contains forward-looking statements, which are included in
accordance with the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “could,” “expects,” “plans,” “intends,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,” or
“continue,” or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
All statements other than statements of historical fact are
“forward–looking statements” for purposes of federal and state
securities laws, including, but not limited to, statements about
the Notes offering and the use of proceeds therefrom, anticipated
future operating and financial performance, financial position and
liquidity, business strategies, regulatory and competitive outlook,
investment and expenditure plans, capital and financing needs and
availability, plans and objectives of management for future
operations, developments regarding our capital plans, strategic
alternatives for a possible business combination, merger or sale
transaction, and other similar forecasts and statements of
expectation and statements of assumption underlying any of the
foregoing. These statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ from
those expressed or implied by the forward-looking statement. These
factors include the following: failure to maintain adequate levels
of capital and liquidity to support our operations; the effect of
potential future supervisory action against us or Hanmi Bank;
general economic and business conditions internationally,
nationally and in those areas in which we operate; volatility and
deterioration in the credit and equity markets; changes in consumer
spending, borrowing and savings habits; availability of capital
from private and government sources; demographic changes;
competition for loans and deposits and failure to attract or retain
loans and deposits; fluctuations in interest rates and a decline in
the level of our interest rate spread; risks of natural disasters
related to our real estate portfolio; risks associated with Small
Business Administration loans; failure to attract or retain key
employees; changes in governmental regulation, including, but not
limited to, any increase in FDIC insurance premiums; ability of
Hanmi Bank to make distributions to Hanmi Financial, which is
restricted by certain factors, including Hanmi Bank’s retained
earnings, net income, prior distributions made, and certain other
financial tests; ability to identify a suitable strategic partner
or to consummate a strategic transaction; adequacy of our allowance
for loan losses; credit quality and the effect of credit quality on
our provision for loan losses and allowance for loan losses;
changes in the financial performance and/or condition of our
borrowers and the ability of our borrowers to perform under the
terms of their loans and other terms of credit agreements; our
ability to control expenses; and changes in securities markets. In
addition, we set forth certain risks in our reports filed with the
Securities and Exchange Commission, including, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2016,
our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K
that we will file with the Securities and Exchange Commission,
which could cause actual results to differ from those projected. We
undertake no obligation to update such forward-looking statements
except as required by law.
Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636
Lasse Glassen
Investor Relations
Addo Investor Relations
310-829-5400
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