LAFAYETTE, La., June 30,
2022 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq:
"HBCP") ("Home Bancorp" or the "Company"), the holding company of
the 113-year-old Home Bank, N.A. ("Home Bank"), announced today the
completion of a private placement of $55.0
million of its 5.75% Fixed-to-Floating Rate Subordinated
Notes due 2032 (the "Notes") to certain qualified institutional
buyers and institutional accredited investors.
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The Notes are unsecured and have a ten-year term, maturing
June 30, 2032, and will bear interest
at a fixed annual rate of 5.75%, payable semi-annually in arrears,
for the first five years of the term. Thereafter, the interest rate
will reset quarterly to an interest rate per annum equal to the
then-current three-month secured overnight financing rate ("SOFR")
plus 282 basis points, payable quarterly in arrears. Home Bancorp
is entitled to redeem the Notes, in whole or in part, on any
interest payment date on or after June 30,
2027, and to redeem the Notes at any time in whole upon
certain other specified events. Egan-Jones Ratings Company assigned
an investment grade rating of A- to the Notes.
In connection with the issuance of the Notes, the Company
entered into a registration rights agreement with the purchasers of
the Notes pursuant to which the Company has agreed to take certain
actions to provide for the exchange of the Notes for subordinated
notes that are registered under the Securities Act of 1933, as
amended (the "Securities Act"), with substantially the same terms
as the Notes.
The Notes have been structured to qualify as Tier 2 capital for
Home Bancorp for regulatory capital purposes. Home Bancorp intends
to use the net proceeds from the offering for general corporate
purposes, including to support organic growth, enhance Home Bank's
capital position, to fund share repurchases and for potential
future mergers and acquisitions.
Piper Sandler & Co. served as
lead placement agent for this offering and Hovde Group, LLC and
Performance Trust Capital Partners, LLC served as co-placement
agents. Silver, Freedman, Taff & Tiernan LLP served as legal
counsel to Home Bancorp and Fenimore Kay Harrison LLP served as
legal counsel to the placement agents.
This press release is for informational purposes only and does
not constitute an offer to sell or a solicitation to buy any
securities. The offering of the Notes in the private placement was
not registered under the Securities Act, or any state securities
law, and the Notes may not be offered or sold in the United States absent registration, or
applicable exemption from registration, under the Securities Act
and applicable state securities laws.
The indebtedness evidenced by the Notes is not a deposit and is
not insured by the Federal Deposit Insurance Corporation or any
other government agency or
fund.
About Home Bancorp
Home Bancorp is a Louisiana
corporation that became the holding company for Home Bank in
October 2008 upon Home Bank's mutual
to stock conversion. Home Bank is a community-oriented
national bank which was originally organized in 1908 and is
headquartered in Lafayette,
Louisiana. Home Bank currently conducts business from 43
full-service banking locations in the Lafayette, Baton
Rouge, New Orleans and
Northshore (of Lake Pontchartrain) regions of South Louisiana, Natchez, Mississippi and Houston region of Texas.
Forward Looking Statements
This news release contains certain forward‑looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward‑looking statements do not relate strictly to historical or
current facts. Forward-looking statements reflect
management's current views and estimates of future economic
circumstances, industry conditions, company performance and
financial results. They often include the words
"believe," "expect," "anticipate," "intend," "plan," "estimate" or
words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could" or "may."
Forward‑looking statements, by their nature, are subject to
risks and uncertainties. A number of factors ‑ many of
which are beyond the control of Home Bancorp ‑ could cause actual
conditions, events or results to differ significantly from those
described in the forward‑looking statements.
Forward-looking statements regarding the transaction are based
upon currently available information.
Actual results could differ materially from those indicated
in forward-looking statements. Among other factors,
actual results may differ from those described in forward-looking
statements due to: changes in general economic and market
conditions, market interest rates, the scope and duration of the
COVID-19 pandemic, deposit flows, demand for loans, changes in laws
and regulations and their enforcement, and the degree of
competition in the markets served by the Company; changes in asset
quality and credit risk; the inability to sustain revenue and
earnings; and competitive conditions.
Home Bancorp's Annual Reports on Form 10-K and other reports
it has filed with the SEC describe some additional factors which
could cause actual conditions, events or results to differ
significantly from those described in forward-looking
statements.
Forward-looking statements speak only as of the date they are
made. Copies of the Home Bancorp's reports filed with the SEC are
available in the Investor Relations section of its website,
www.home24bank.com. Home Bancorp does not undertake to
update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made or to reflect the occurrence of unanticipated events.
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SOURCE Home Bancorp, Inc.