Manatt Closes $55 Million Private Placement for Central Pacific Financial Corp.

Craig Miller, leader of Manatt Financial Services, and Katherine Blair, partner in the capital markets group, advised Central Pacific Financial Corp. in its $55 million private placement of subordinated notes. The ten-year, fixed-to-floating rate subordinated notes bear a fixed interest rate of 4.75% for the first five years and will reset quarterly thereafter for the remaining five years to the current three-month secured overnight financing rate, as published by the Federal Reserve Bank of New York, plus 456 basis points.

Central Pacific Financial Corp., a Hawaii-based financial institution and the parent company of Central Pacific Bank, intends to use the net proceeds from the offering for general corporate purposes and capital flexibility.

To read more about the private placement, click here.

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