Axos Financial Prices $200 Mln Of 7% Subordinated Notes
(RTTNews) - Axos Financial, Inc. (AX) on Wednesday said it has priced its $200 million public offering of 7% fixed-to-floating rate subordinated notes due 2035.
The company expects to use the proceeds from the offering to repay its $175 million subordinated notes due 2030, which are set to reprice at about 9%, as well as to support growth initiatives at its subsidiaries and for general corporate purposes.
The notes will bear interest at 7% per year, beginning April 1, 2026. From October 1, 2030, until October 1, 2035, or an earlier redemption date, interest will accrue at a floating rate equal to the then-current three-month Term SOFR plus 379 basis points.
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