TCF National Bank to Issue $110 Million of Subordinated Notes
TCF National Bank (“TCF Bank”), a wholly-owned subsidiary of TCF Financial Corporation (“TCF”) (NYSE: TCB), priced an offering of $110 million of subordinated notes that will be due on June 8, 2022.
The subordinated notes bear interest at a fixed rate of 6.25% until maturity. The notes are intended to qualify as Tier 2 or supplementary capital for regulatory purposes, subject to certain limitations. TCF Bank intends to use the proceeds for general corporate purposes.
Barclays Capital Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the subordinated debt offering. Credit Suisse Securities (USA) LLC is serving as co-manager.
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